India Nickel Scrap prices drop; Nickel Futures gain slightly

INDIA June 05 2017 6:29 PM
MUMBAI (Scrap Register): India's major nickel scrap prices dropped on the Scrap Register Price Index as on Friday, while nickel futures prices at India's Multi Commodity Exchange gained on weak dollar.

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 Friday.

In futures, the most active June nickel contract on Multi Commodity Exchange advanced by 0.69 percent to Rs. 574.10 per kilogram on Friday from previous close of 570.20 per kilogram. The MXC nickel prices touched an intra-day high of Rs. 574.70 per kilogram and an intra-day low of Rs. 563.50 per kilogram during Friday.

However, LME Nickel declined for a third straight month in May and has tumbled 13 percent this year, the biggest drop among major base metals. 

Base metals demand in China, the top consumer of industrial metals, is expected to taper off in the second half of the year. Both zinc and nickel are used in the steel industry so are sensitive to iron ore and steel prices while oil is a key input in mining.