Weak Rupee lifts India’s Nickel Scrap, Nickel Futures prices


MUMBAI (Scrap Register): India major nickel scrap prices gained on the Scrap Register Price Index as on Tuesday, while Nickel futures prices at India's Multi Commodity Exchange showed an up trend tracking positive price movement 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) showed an up trend on Tuesday.

In futures, the most active May nickel contract on Multi Commodity Exchange has gained by 0.93 percent to Rs. 985.40 per kilogram on Tuesday from previous close of 976.30 per kilogram. The MCX nickel prices touched an intra-day high of Rs. 995.40 per kilogram and an intra-day low of Rs. 967.40 per kilogram during Tuesday.

Nickel prices advanced on weaker rupee, which sinks 56 paise to new 16-month low against dollar - The rupee went into a tailspin by plunging 56 paise, the second biggest single-day fall of 2018, to end at a new 16-month low of 68.07 as panic dollar demand rattled currency market.

(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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