India Nickel Scrap, Nickel Futures gain on weak Dollar

INDIA June 30 2017 6:20 PM

MUMBAI (Scrap Register): India's major nickel scrap prices advanced on the Scrap Register Price Index as on Thursday in line with nickel futures prices at India's Multi Commodity Exchange boosted by a weaker dollar and brighter factory growth China.

The major nickel scrap commodities like Nickel Plate (4x24), Nickel Plate (9x9) and Nickel Russian (4x4) showed an up trend on the Scrap Register Price Index as on Thursday.

In futures, the most active June nickel contract on Multi Commodity Exchange increased by 0.74 percent to Rs. 598.10 per kilogram on Thursday from previous close of 593.70 per kilogram. The MXC nickel prices touched an intra-day high of Rs. 602.40 per kilogram and an intra-day low of Rs. 595.50 per kilogram during Thursday.

Industrial metals markets will be watching manufacturing, investment, property market and loans data for clues on the strength of its copper demand over coming months.