India Nickel Scrap prices plunge in line with Nickel Futures

According to the Scrap Register Price Index, the major nickel scrap commodities prices including nickel cathode, nickel plate (4×24), nickel plate (9×9) and nickel russian (4×4) advanced further on the Scrap Register Price Index as on Monday.

In futures, the most active November nickel contract on Multi Commodity Exchange declined by 3.77 percent to Rs. 744.70 per kilogram on Monday from previous close of 773.90 per kilogram. The MCX nickel prices touched an intra-day high of Rs. 768.40 per kilogram and an intra-day low of Rs. 743.00 per kilogram during Monday.

The weakness in the stainless steel sector continues to override any exuberance over electric vehicles and demand for nickel-rich batteries. Stainless steel production accounts for two thirds of nickel demand.


Content credit : MOBILE MOVIES

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