Indian Nickel Scrap prices gain in line with MCX Nickel

INDIA December 15 2015 4:46 PM

MUMBAI (Scrap Register): Indian nickel scrap prices gained on Scrap Register Price Index as on Monday in line with nickel futures prices at India's Multi Commodity Exchange as risk appetite was subdued ahead of an expected US rate rise, although better-than-expected Chinese economic data put a firm floor under prices. 

According to the Scrap Register Price Index, the major nickel scrap commodities like nickel plate(4x24), nickel plate(9x9) and Russian(4x4) traded up on Monday. 

In futures, the most active December nickel contract on Multi Commodity Exchange settled slightly up by 0.6% to Rs. 592.70 per kilogram on Monday from previous close of Rs. 589.10 per kilogram. The MXC nickel prices touched an intra-day high of Rs. 593.70 per kilogram and an intra-day low of Rs. 578.30 per kilogram during Monday. The open interest of the contract down at 17459 lots. 

Meanwhile, in China, the National Bureau of Statistics said Saturday that industrial production rose by an annualized rate of 6.2% in November, the fastest pace in five months. On Friday, prices rose amid optimism surrounding recent supply-cut announcements by major mining companies, such as Glencore, Freeport McMoran and Anglo American. 

The world’s biggest mining companies are reeling from the deepening rout in commodities prices this year. Sentiments remain weak as market players prepared for the first U.S. rate hike since 2006 later this week.

The Federal Reserve is widely expected to raise interest rates for the first time in nearly a decade at the conclusion of its two day policy meeting on Wednesday.