Nickel MCX Today Tips Rocking Hit High 1,110.50 Enjoy or Not – yesterday settled up by 1.79% at 1105 as ore output from top exporter the Philippines slumped in the first half of 2020 due to the COVID-19 crisis.
The Philippines’ nickel ore output in January-June dropped 28% year-on-year to 102,310 tonnes of nickel content, data from the Mines and Geosciences Bureau showed.
However, the two biggest nickel miners in the Philippines said they do not expect further major disruptions to their operations for the remainder of the year, even as coronavirus cases surge in the country.
Solid industrial data from top consumer China, meanwhile, boosted demand optimism for the metal, used mostly in making stainless steel.
Nickel prices at Philippine ports were hovering at their highest level in eight and a half months at $10.25 a tonne.Inventories of refined nickel in the Shanghai bonded areas expanded 1,500 mt from a week ago to 19,800 mt as of Aug 14, showed data.
The import window of nickel plates and nickel briquettes remained closed this week and foreign trades remained curbed. The arrival of nickel plates accounted for the increase in the nickel bonded stocks this week.