India Nickel Scrap prices fall; Nickel Futures down 2.48 percent

INDIA May 25 2017 6:24 PM
MUMBAI (Scrap Register): India's major nickel scrap prices fell on the Scrap Register Price Index as on Wednesday, while nickel futures prices at India's Multi Commodity Exchange dropped by 2.48 percent.

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) traded lower on Wednesday.

In futures, the most active May nickel contract on Multi Commodity Exchange dropped by 2.48 percent to Rs. 589.80 per kilogram on Wednesday from previous close of 604.80 per kilogram. The MXC nickel prices touched an intra-day high of Rs. 600.20 per kilogram and an intra-day low of Rs. 586.40 per kilogram during Wednesday.

Nickel prices at India's Multi Commodity Exchange declined on Wednesday tracking weakness from Nickel prices at London Metal Exchange which was particularly hard hit, falling by 1.7 percent and 2.3 percent in Shanghai, dragged down by losses in steel and after China trade data showed a surge in ore imports from the Philippines.