MUMBAI (Scrap Register): India's major nickel scrap prices climbed on the Scrap Register Price Index as on Thursday, while nickel futures prices at India's Multi Commodity Exchange settled higher as prices seen drop after China's overseas investment weakened.
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According to the Scrap Register Price Index, the major nickel scrap commodities like nickel cathode, nickel plate(4x24), nickel plate(9x9) and nickel russian(4x4) showed an up trend during Thursday.
In futures, the most active February nickel contract on Multi Commodity Exchange gained by 1.54 percent to Rs. 739.60 per kilogram on Thursday from previous close of Rs. 728.40 per kilogram. The MXC nickel prices touched an intra-day high of Rs. 740.40 per kilogram and an intra-day low of Rs. 724.60 per kilogram during Thursday.
LME Nickel prices rose to two-month highs on Thursday on mounting concerns about supplies after the suspension of mines in top ore producer the Philippines and its decision to cancel contracts for undeveloped mines.
The Philippines this week ordered the cancellation of 75 mineral production-sharing agreements as developing them would threaten water supplies. That came after the closure or suspension of 28 of the country's 41 mines. Meanwhile Indonesia eased a three-year ban on nickel ore exports in January.
(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to firstname.lastname@example.org)