MUMBAI (Scrap Register): India's major nickel scrap prices advanced on the Scrap Register Price Index as on Wednesday in line with nickel futures prices at India's Multi Commodity Exchange mainly due to weak dollar.

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.

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In futures, the most active June nickel contract on Multi Commodity Exchange increased slightly by 0.12 percent to Rs. 593.70 per kilogram on Wednesday from previous close of 593.00 per kilogram. The MXC nickel prices touched an intra-day high of Rs. 597.00 per kilogram and an intra-day low of Rs. 586.70 per kilogram during Wednesday.

The Philippine’s new environment secretary will oversee nickel ore producing regions in the southern Mindanao region and Palawan province next month.

There was only one shipment in 2016 coming out of Davao region, the main part of the southern Mindanao region, and no shipments from the region had been reported as environment protection license was revoked for its near-by to the International Eagle Protection Area.

(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)