India Nickel Scrap, Nickel Futures prices decline as supply increases

INDIA July 05 2017 5:13 PM

MUMBAI (Scrap Register): Major nickel scrap prices in India showed a down trend on the Scrap Register Price Index as on Tuesday tracking the weakness in the nickel futures prices at India's Multi Commodity Exchange on the expectations of increased supply.

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

In futures, the most active July nickel contract on Multi Commodity Exchange declined by 1.89 percent to Rs. 595.40 per kilogram on Tuesday from previous close of 606.90 per kilogram. The MXC nickel prices touched an intra-day high of Rs. 608.00 per kilogram and an intra-day low of Rs. 592.10 per kilogram during Tuesday.

The nickel futures prices at India's Multi Commodity Exchange dropped on Tuesday mainly due to the expectations of plentiful supply from Indonesia and the Philippines, while industrial metals were mostly lower as investors took profits following a recent rally.

In 2017 the supply situation has gone through a rapid reversal as the Indonesian government relaxed regulations that previously banned nickel ore exports while Philippine nickel miners are positioned to restart operations with a new acting environment minister.