India Nickel Scrap prices up; Fresh buying lifts Nickel Futures
NEW DELHI (Scrap Register): India major nickel scrap prices gained on the Scrap Register Price Index as on Monday, while Nickel futures prices at India's Multi Commodity Exchange settled higher on fresh buying tracking the firmness in Nickel prices at London Metal Exchange.
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) advanced on Monday.
In futures, the most active January nickel contract on Multi Commodity Exchange dropped by 0.41 percent to Rs. 811.10 per kilogram on Monday from previous close of 807.80 per kilogram. The MCX nickel prices touched an intra-day high of Rs. 817.30 per kilogram and an intra-day low of Rs. 807.60 per kilogram during Monday.
Nickel prices look firm buy upside may be capped as pressure can be seen after the update from the global nickel market deficit narrowed to 8,400 tonnes in November from 11,500 tonnes in the previous month, the International Nickel Study Group said.
During January to November last year, the global nickel market registered a deficit of 77,400 tonnes versus a deficit of 51,900 in the same period in 2016, the INSG added.
(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)