INDIA June 07 2017 7:45 PM
MUMBAI (Scrap Register): India's major nickel scrap prices stayed steady on the Scrap Register Price Index as on Tuesday, while nickel futures prices at India's Multi Commodity Exchange gained amid expectations of weak demand as a seasonal construction slowdown in the summer months looms.
According to the Scrap Register Price Index, the major nickel scrap commodities like nickel indco Canada (4x24), nickel indco Canada (4x4) , nickel plate(4x24), nickel plate(9x9), nickel russian (4x24), nickel Russian(4x4) and nickel Russian(9x9) showed a flat trend on Tuesday.
In futures, the most active June nickel contract on Multi Commodity Exchange advanced by 0.58 percent to Rs. 575.40 per kilogram on Tuesday from previous close of 572.10 per kilogram. The MXC nickel prices touched an intra-day high of Rs. 581.20 per kilogram and an intra-day low of Rs. 570.50 per kilogram during Tuesday.
Investor optimism about the pace of U.S. interest rate hikes over the longer-term, however, has been pegged back recently, as investors question whether recent economic data has deterred the Federal Reserve from its view that two additional rate hikes this year are appropriate.
Nickel ore inventories at seven major Chinese ports kept increasing in the week. Inventories at the seven ports increased slightly over this past week, up 30,000 tons.