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India Nickel Scrap prices flat; Nickel Futures fall

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MUMBAI (Scrap Register): India major nickel scrap prices showed a flat trend on the Scrap Register Price Index as on Thursday, while Nickel futures prices at India's Multi Commodity Exchange fell as speculators added bearish positions against the backdrop of persistent international trade concerns and a slide in steel prices.

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 steady trend on Thursday.

In futures, the most active August nickel contract on Multi Commodity Exchange dropped by 0.23 percent to Rs. 901.10 per kilogram on Wednesday from previous close of 905.60 per kilogram. The MCX nickel prices touched an intra-day high of Rs. 912.80 per kilogram and an intra-day low of Rs. 900.20 per kilogram during Wednesday.

Indian commodity futures markets are shut on Thursday on account of Ganesh Chaturthi.

United States President Donald Trump warned last week that he was ready to levy additional tariffs on practically all Chinese imports, while China is prepared to ask the World Trade Organization next week for permission to impose sanctions on the United States.

(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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