INDIA May 09 2017 5:33 PM
MUMBAI (Scrap Register): India major nickel scrap prices showed a down trend on the Scrap Register Price Index as on Monday, while nickel futures prices at India's Multi Commodity Exchange remained flat aided by higher steel prices in China.

According to the Scrap Register Price Index, the major nickel scrap commodities like Nickel Cathode, Nickel Plate(4x24), Nickel Plate(9x9) and Nickel Russian(4x4) dropped on Monday.

In futures, the most active May nickel contract on Multi Commodity Exchange remained flat at Rs. 589.80 per kilogram on Monday from previous close. The MXC nickel prices touched an intra-day high of Rs. 592.40 per kilogram and an intra-day low of Rs. 581.30 per kilogram during Monday.

Trader where caution as Philippine President Rodrigo Duterte has appointed a former military man as the new environment minister after Congress dismissed his first choice, who ordered the closure of more than half of the mines in the world's top nickel ore supplier.