India major Nickel Scrap prices almost flat; Nickel Futures up nearly 2 percent

By Vibin Antony
India's major nickel scrap prices showed an almost flat on the Scrap Register Price Index as on Wednesday, while nickel futures prices at India's Multi Commodity Exchange gained nearly two percent mainly due to the expectation of strong Chinese demand.

The major nickel scrap commodities like nickel plate(4x24), nickel plate(9x9), nickel russian (4x24),nickel russian(4x4), nickel russian(9x9), nickel indco canada (4x4) and nickel indco canada (4x24) on the Scrap Register Price Index showed a flat trend during Wednesday.

In futures, the most active January nickel contract on Multi Commodity Exchange advanced by nearly 2 percent to Rs. 697.10 per kilogram on Wednesday from previous close of Rs. 683.80 per kilogram. The MXC nickel prices touched an intra-day high of Rs. 698.30 per kilogram and an intra-day low of Rs. 681.60 per kilogram during Wednesday.

China’s official manufacturing PMI for December was 51.4, marking the second-highest level for 2016 though lower than 51.7 for November. This also marked five consecutive months of economic expansion.(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)

India's Brass, Copper Scrap prices climb; Copper Futures settle down

By Vibin Antony
Major brass and copper scrap prices of India climbed on Tuesday, while copper futures prices at India's Multi Commodity Exchange ended down as a stronger dollar outweighed expectations of solid consumption in the United States and China.

India's major brass and copper scrap commodities like brass huny scrap, brass shell 40mm,acr copper coil 3/8, cc rod lme ++, copper armature, copper cathod lme ++, copper shell 40mm, copper utensil scrap and electrolytic copper strip 25mm showed an up trend during Tuesday.

The most active February copper contract on the India's Multi Commodity Exchange settled lower by 0.45% to Rs. 376.60 per kilogram on Tuesday from previous close of Rs. 378.30 per kilogram. Copper futures at MCX touched an intra-day high of Rs. 384.15 per kilogram and an intra-day low of Rs. 376.10 per kilogram during Tuesday.

Manufacturing activities of United States grew by more than expected in November, making dollar-denominated assets such as copper more expensive for holders of other currencies.

Economic sentiment remained bullish for the world's largest economy on prospects of rising U.S. interest rates and expectations that President-elect Donald Trump will provide a boost to public spending and growth.

(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)