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India Nickel Scrap prices drop; MCX Nickel climbs 1.5 % in line with LME Nickel

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MUMBAI (Scrap Register): India major nickel scrap prices dropped on the Scrap Register Price Index as on Wednesday, while Nickel futures prices at India's Multi Commodity Exchange gained in line with Nickel prices at London Metal Exchange.

The major nickel scrap commodities prices including nickel cathode, nickel plate (4x24), nickel plate (9x9) and nickel russian (4x4) declined on Wednesday, according to the Scrap Register Price Index.

In futures, the most active June nickel contract on Multi Commodity Exchange climbed by 1.57 percent to Rs. 1016.60 per kilogram on Wednesday from previous close of 1030.20 per kilogram. The MCX nickel prices touched an intra-day high of Rs. 1040.00 per kilogram and an intra-day low of Rs. 1014.00 per kilogram during Wednesday.

Nickel, mainly used in the steel industry got some support when steel futures in China recovered after the previous session's nearly 3-percent drop.

LME nickel was the biggest mover of London Metal Exchange, ending 2.2 percent firmer at $14,975 a tonne after hitting a three-week low on Tuesday.

Nickel, mainly used in stainless steel, was also bolstered by reports that China's nickel pig iron output (NPI) in May fell to the lowest since August last year due to environmental checks.

(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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