MUMBAI (Scrap Register): India's major nickel scrap prices declined on the Scrap Register Price Index as on Wednesday, while nickel futures prices at India's Multi Commodity Exchange dropped by 2.11 percent tracking the weakness in nickel prices at London Metal Exchange.
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) showed a down trend on Wednesday.
In futures, the most active May nickel contract on Multi Commodity Exchange declined by 2.11 percent to Rs. 568.50 per kilogram on Wednesday from previous close of 586.80 per kilogram. The MXC nickel prices touched an intra-day high of Rs. 579.50 per kilogram and an intra-day low of Rs. 567.50 per kilogram during Wednesday.
LME Nickel prices tumbled to 11-month lows on investor concern over rising supply from top producers Indonesia and the Philippines as well as weak demand from stainless steel mills in China.
Benchmark nickel on the London Metal Exchange ended down 1.6 per cent at $8970 a ton from an earlier $8825 its lowest since late June.