India Nickel Scrap prices tumble; MCX Nickel plunges 5.6 percent
NEW DELHI (Scrap Register): India’s major nickel scrap prices tumbled on the Scrap Register Price Index as on Tuesday tracking the weakness in nickel futures prices at India's Multi Commodity Exchange on weaker-than-expected economic data from China sparked concerns about demand.
According to the Scrap Register Price Index, the major nickel scrap commodities prices including nickel cathode, nickel plate(4x24), nickel plate(9x9) and nickel russian(4x4) showed a down trend on Tuesday.
In futures, the most active November nickel contract on Multi Commodity Exchange tumbled by 5.6 percent to Rs. 770.80 per kilogram on Tuesday, leading a broad-based pullback in base metals prices, from previous close of 817.30 per kilogram. The MXC nickel prices touched an intra-day high of Rs. 813.80 per kilogram and an intra-day low of Rs. 769.80 per kilogram during Tuesday.
Nickel, chiefly used in stainless steel, is still correcting from this month’s surge to two-year highs on hopes for a bounce in demand for electric vehicles.
The economy in China cooled further last month, with industrial output, fixed asset investment and retail sales missing expectations as the government extended a crackdown on debt risks and factory pollution.
(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)