NEW DELHI (Scrap Register): India’s major nickel scrap prices gained on the Scrap Register Price Index as on Monday tracking the firmness in nickel futures prices at India's Multi Commodity Exchange boosted by the ongoing curb in Chinese nickel output and strong demand from steel producers.

The major nickel scrap commodities prices including nickel cathode, nickel plate(4x24), nickel plate(9x9) and nickel russian(4x4) showed an uptrend on the Scrap Register Price Index as on Monday.

In futures, the most active October nickel contract on Multi Commodity Exchange advanced by 1.23 percent to Rs. 765.50 per kilogram on Monday from previous close of 756.20 per kilogram. The MXC nickel prices touched an intra-day high of Rs. 769.80 per kilogram and an intra-day low of Rs. 751.30 per kilogram during Monday.

Traders are eyeing on the Chinese market participants’ growing optimism ahead of the upcoming 13th Five-Year Plan meeting at the 19th Party Congress in Beijing has also played a major role in the higher prices of late.

Also support seen after the update that China's economy is expected to grow 7 percent in the second half of this year, the country's central bank governor said, defying economists' expectations for a slowdown. China is in the midst of publishing September data, culminating in its third-quarter gross domestic product number on Thursday.

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