India Nickel Scrap prices advance; MCX Nickel remains flat
MUMBAI (Scrap Register): India major nickel scrap prices advanced on the Scrap Register Price Index as on Friday, while Nickel futures prices at India's Multi Commodity Exchange remained almost flat as investors bet global trade tensions and a robust US economy would continue to support the dollar.
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 a down trend on Friday.
In futures, the most active August nickel contract on Multi Commodity Exchange almost flat at Rs. 952.50 per kilogram on Friday from previous close of 952.10 per kilogram. The MCX nickel prices touched an intra-day high of Rs. 958.20 per kilogram and an intra-day low of Rs. 938.20 per kilogram during Friday.
Chinese Nickel production rose 4.7% on the month and stood at 12,400 mt in July. This is down 9.7% year on year. More working days and better profitability at smelters in south China accounted for the month-on-month growth.
Output during January-July fell 8.3% from the same period last year, and came in at 83,700 mt. Domestic nickel production is likely to stand at 12,500 mt in August as operating rates are likely to remain largely flat on a monthly basis.
(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)