India Nickel Scrap prices drop; Nickel Futures settle higher

INDIA June 22 2017 6:51 PM

MUMBAI (Scrap Register): India's major nickel scrap prices dropped on the Scrap Register Price Index as on Wednesday, while nickel futures prices at India's Multi Commodity Exchange settled higher in response to a retreat in the US dollar from its recent peaks.

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

In futures, the most active June nickel contract on Multi Commodity Exchange gained by 1.05 percent to Rs. 578.20 per kilogram on Wednesday from previous close of 572.20 per kilogram. The MXC nickel prices touched an intra-day high of Rs. 580.50 per kilogram and an intra-day low of Rs. 571.20 per kilogram during Wednesday.

The US dollar dipped versus a currency basket after touching a five-week peak on Tuesday, with a slump in oil prices to seven- month lows calling into question the impact of inflation on the pace of future interest rate hikes.

A weaker US dollar makes dollar-priced metals cheaper for non-US investors.