MUMBAI (Scrap Register): India's major nickel scrap prices gained on the Scrap Register Price Index as on Monday, while nickel futures prices at India's Multi Commodity Exchange advanced by nearly one percent, tracking firmness from LME Nickel as support seen after the update that Nickel ore inventories at seven major Chinese ports kept dropping in the week ending January 6.
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The major nickel scrap commodities like nickel plate(4x24), nickel plate(9x9), nickel russian(4x4) and nickel cathode traded up during the day.
In futures, the most active January nickel contract on Multi Commodity Exchange slightly down by 0.91 percent to Rs. 706.90 per kilogram on Monday from previous close of Rs. 700.50 per kilogram. The MXC nickel prices touched an intra-day high of Rs. 709.40 per kilogram and an intra-day low of Rs. 701.40 per kilogram during Monday.
According to SMM data, nickel ore inventories at seven major Chinese ports were down 330,000 tonnes on a weekly basis. Currently, domestic NPI producers reduced their acceptance price level to medium and high-grade nickel ore as falling NPI prices squeezed their profits. But, tight supply will help support ore price.
(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to email@example.com)