India Nickel Scrap prices flat; Nickel Futures edge higher
MUMBAI (Scrap Register): India major nickel scrap prices showed an up trend on the Scrap Register Price Index as on Tuesday, while Nickel futures prices at India's Multi Commodity Exchange edged higher on short covering bolstered by upbeat Chinese economic data.
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) gained on Tuesday.
In futures, the most active July nickel contract on Multi Commodity Exchange advanced by 0.69 percent to Rs. 971.00 per kilogram on Tuesday from previous close of 964.30 per kilogram. The MCX nickel prices touched an intra-day high of Rs. 976.60 per kilogram and an intra-day low of Rs. 962.00 per kilogram during Tuesday.
Market sentiments remain weak after that the Philippines’ nickel ore exports could drop by up to 17 percent this year as weaker prices curb output in the world’s second-biggest supplier, the head of a nickel mining industry group said on Tuesday.
Shipments of nickel ore, used to make stainless steel, could fall to 30-35 million tonnes from 36 million tons in 2017. The price of nickel on the London Metal Exchange fell to an eight-week low of $13,830 a tonne on Friday and has lost nearly 5 percent this month, caught in a broad-based selloff of risky assets amid deepening trade tensions between the United States and China.
(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to email@example.com)