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Indian Nickel Scrap prices plunge in line with Nickel Futures

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NEW DELHI (Scrap Register): India major nickel scrap prices plunged on the Scrap Register Price Index as on Monday in line with nickel futures prices at India's Multi Commodity Exchange, tracking the weakness in Copper prices at London Metal Exchange and Shanghai Metal Exchange.

Shanghai nickel was down 4 percent, tracking a 4.6 percent fall on the LME in the previous session to the metal's lowest level in nearly two months as inventories rose and the dollar firmed.

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) fall sharply on Tuesday.

In futures, the most active December nickel contract on Multi Commodity Exchange settled slightly by 4.04 percent to Rs. 702.60 per kilogram on Tuesday from previous close of 732.20 per kilogram. The MCX nickel prices touched an intra-day high of Rs. 731.80 per kilogram and an intra-day low of Rs. 700.20 per kilogram during Tuesday.

According to a Bloomberg report, China was on the verge of extending rebates on electric vehicles was spurring positive sentiment for nickel.

(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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