India Nickel Scrap prices up; MCX Nickel rallies in line with LME Nickel
NEW DELHI (Scrap Register): India’s major nickel scrap prices showed an uptrend on the Scrap Register Price Index as on Monday, while nickel futures prices at India's Multi Commodity Exchange gained significantly tracking the LME Nickel as industrial consumers bought metal to guard against further price gains and speculators also piled in.
Nickel prices at London Metal Exchange had jumped 3.1 percent to close at $12,490 a ton on Monday, rebounding after prices hit their lowest in more than a week on Friday.
The major nickel scrap commodities like 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 November nickel contract on Multi Commodity Exchange shot up by 3.52 percent to Rs. 817.30 per kilogram on Monday from previous close of 789.50 per kilogram. The MXC nickel prices touched an intra-day high of Rs. 820.30 per kilogram and an intra-day low of Rs. 799.00 per kilogram during Monday.
LME Nickel had support from gains in Chinese steel rebar futures as output cuts in major steelmaking cities tightened supply.
(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)