Nickel MCX Tips Today : All Target Price Hit Low 1184.30. Nickel MCX yesterday settled up by 0.49% at 1364.1 as global manufacturing activity is surging as government-support programmess and low interestrates protect consumers’ incomes while restrictions on leisure travel and other services divert spending into merchandise.
The IHS Markit’s Manufacturing PMI for the US declined to 58.6 (final) in February from 59.2 in January to show an ongoing expansion in the manufacturing sector’s economic activity at a slightly softer pace, and the ISM manufacturing PMI came in at 60.8.
The market expects that as the US government prepares to offer new fiscal stimulus measures and vaccination becomes more common, economic growth and inflation will accelerate.
The global nickel market surplus rose to 14,600 tonnes in December from an upwardly revised surplus of 7,400 tonnes in the previous month, data from the International Nickel Study Group (INSG) showed.Last year, the global market saw a surplus of 122,900 tonnes compared with a deficit of 32,200 tonnes in 2019, Lisbon-based INSG added.
Nickel output in the Philippines, the world’s biggest exporter of the material to top metal consumer China, rose 3% last year to 333,962 tonnes, government data showed. Only 18 of the 30 nickel mines in the Southeast Asian country reported output last year as some projects had been hampered by the COVID-19 pandemic.