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India Nickel Scrap prices decline tracking the weakness in MCX Nickel

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NEW DELHI (Scrap Register): India major nickel scrap prices declined on the Scrap Register Price Index as on Friday, tracking the Nickel futures prices at India's Multi Commodity after update that the Shanghai Futures Exchange said it will quintuple the intraday transaction fee on its nickel futures contract for May delivery.

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) fell on Friday.

In futures, the most active February nickel contract on Multi Commodity Exchange fell by 1.78 percent to Rs. 834.00 per kilogram on Friday from previous close of 849.10 per kilogram. The MCX nickel prices touched an intra-day high of Rs. 842.60 per kilogram and an intra-day low of Rs. 822.10 per kilogram during Friday.

The fee on the May contract, currently the ShFE's most-traded nickel contract, will rise from 6 yuan ($0.9534) per lot to 30 yuan per lot, the exchange said. Pressure also seen stock markets extended the week’s sharp slide, with the prospect of rising U.S. interest rates denting hopes that surging economic growth would drive up demand.

(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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