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India Nickel Scrap prices advance further; Nickel Futures gain 3.57 percent

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MUMBAI (Scrap Register): India’s major nickel scrap prices advanced further on the Scrap Register Price Index as on Friday, while nickel futures prices at India's Multi Commodity Exchange gained by 3.57 percent boosted by encouraging economic reports from top consumer China.

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

In futures, the most active July nickel contract on Multi Commodity Exchange rose by 3.57 percent to Rs. 612.60 per kilogram on Friday from previous close of 591.50 per kilogram. The MXC nickel prices touched an intra-day high of Rs. 614.80 per kilogram and an intra-day low of Rs. 592.90 per kilogram during Friday.

Philippine President Rodrigo Duterte promised to resolve an impasse caused by a ministerial order to close more than 20 mines in the world's top source of nickel ore, but told miners to end practices that damaged the environment.

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

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