India Nickel Scrap prices steady; Nickel Futures down 1.1 percent
NEW DELHI (Scrap Register): India major nickel scrap prices showed a steady trend on the Scrap Register Price Index as on Monday, while Nickel futures prices at India's Multi Commodity Exchange fall tracking the weakness 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) remained flat on Monday.
In futures, the most active March nickel contract on Multi Commodity Exchange has settled down by 1.1 percent to Rs. 886.80 per kilogram on Monday from previous close of 896.70 per kilogram. The MCX nickel prices touched an intra-day high of Rs. 907.50 per kilogram and an intra-day low of Rs. 885.00 per kilogram during Monday.
Strong global nickel ore production growth is expected to continue to accelerate in 2018 is expected to shortly reverse the shortfall in inventories.
Indonesia should continue to lead global supply, as the country surpassed the Philippines as the largest global producer in 2017 in part thanks to the country's moderation of its export ban.
(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)