India’s Nickel Scrap prices gain tracking the firmness in Futures

INDIA July 12 2017 6:34 PM

MUMBAI (Scrap Register): India’s major nickel scrap prices gained on the Scrap Register Price Index as on Tuesday tracking the firmness in the nickel futures prices at India's Multi Commodity Exchange, tracking economic data and the U.S. dollar as traders await more clarity on possible changes in the supply chain.

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 Tuesday.

In futures, the most active July nickel contract on Multi Commodity Exchange advanced by 2.05 percent to Rs. 593.00 per kilogram on Tuesday from previous close of 581.10 per kilogram. The MXC nickel prices touched an intra-day high of Rs. 594.80 per kilogram and an intra-day low of Rs. 579.10 per kilogram during Tuesday.

Even though nickel trade has recently quieted, it has been a volatile year with the commodity collapsing as Indonesia reopened to nickel exports while the Philippines ousted its controversial acting environment minister and she was replaced with a more mining friendly minister who could restart the country’s halted mining sector.