Nickel MCX Tips Today : All Target Price Hit. MCX Nickel yesterday settled down by 0.58% at 1367.7 after the global nickel market surplus rose to 14,600 tones in December from an upwardly revised surplus of 7,400 tonnes in the previous month, data from the International Nickel Study Group (INSG) showed.
Nickel MCX Tips Today : All Target Price Hit
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 ore inventories across all Chinese ports decreased 614,000 wmt from February 18 to 7.26 million wmt as of February 26, showed data.
Data also showed that nickel ore stocks across seven major Chinese ports decreased 374,000 wmt during the same period to 5.9 million wmt. Nickel ore inventories at Chinese ports dropped to a new low in the past three years, and the nickel ore market became increasingly tense.
After the holiday, the FOB quotation and sea freight rates of nickel ore both increased significantly, especially the sea freight rates. The sharp increase in raw material prices made downstream restocking cautious.
High ore prices amid wet season made the nickel market less active. 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.
MCX Nickel Trend Today
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