MCX Nickel Tips Today: Nickel yesterday settled up by 4.21% at 1318.2 on the further signs of recovery in the US labour market and as it was reported that Biden administration is set to propose $6 trillion budget in 2022.
U.S. Senate Republicans are expected to unveil a new offer that would spend about $1 trillion on roads, bridges and broadband systems. The global nickel market deficit widened to 16,100 tonnes in March from a small deficit of 600 tonnes in the previous month, data from the International Nickel Study Group (INSG) showed.
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Lisbon-based INSG’s original estimate of the market balance for February was a 6,200 tonne surplus. During the first three months of the year, the global market saw a deficit of 18,700 tonnes, down from a surplus of 38,000 tonnes in the same period of 2020, INSG’s data showed.
The initial claims fell to a fresh pandemic low of 406K, well below forecasts of 425K. Other fresh data sent mixed signals about the economic recovery: Q1 GDP growth was unrevised at 6.4% but PCE prices were revised higher while both corporate profits and durables goods declined.
Meanwhile, fresh inflation figures due on Friday will provide a further update on price pressures. The S&P 500 was also in the green but the Nasdaq was slightly down as Treasury yields edge higher.
MCX Nickel Tips Today And Trading Calls:
- MCX Nickel trading range for the day is 1277.6-1349.2.
- Nickel gained buoyed by demand optimism on reports of U.S. President Joe Biden’s plans to make a $6 trillion budget announcement.
- China’s industrial profits logged a sharp increase in January to April period, data released by the National Bureau of Statistics revealed.
- The global nickel market deficit widened to 16,100 tonnes in March from a small deficit of 600 tonnes in the previous month.
6 thoughts on “MCX Nickel Tips Today: All Target Hit 1326.25 To 1348.30 | Neal Bhai”
Last year Tesla surprised the electric car industry when it said its entry level Model 3s made in Shanghai will be equipped with lithium iron phosphate (LFP) batteries. LFP batteries are significantly cheaper and simpler to manufacture compared to NCA (nickel-cobalt-aluminum) and NCM (nickel-cobalt-manganese) cathode chemistries, but fares badly in terms of energy density – and therefore range, still motorists’ no 1 reason for not going electric.
Barely eight months after the cobalt and nickel-free version of the Model 3 first went on sale, it cornered 7.2% of the global market for full electric vehicles. It also constitutes 45.7% of total sales of Tesla’s most popular model in terms of battery capacity according to data from Adamas Intelligence, which tracks demand for EV batteries by chemistry, cell supplier and capacity in over 100 countries. Volkswagen has committed to LFP for its lower end, high volume cars as part of its $29 billion push into the market .Worldwide in the first quarter of this year, LFP-equipped cars like the Model 3, BYD Han and Hongguang Mini made up 15.7% of the overall market for battery-electric passenger cars – up from near zero in the first three months of 2020. While in absolute terms nickel and cobalt deployment is rising rapidly as EV sales more than double year-on-year, on a sales-weighted basis the impact of LFP is startling.
The average nickel use per vehicle tumbled by 17.3% from Q1 2020 to Q1 2021, while per vehicle cobalt deployment is down 21.5%. For manganese the equivalent number was 15.1%. The decline in lithium is a function of a greater proportion of smaller vehicles being sold but a shift from nickel-rich chemistries would have an impact on the lithium market – increasing demand for carbonate relative to hydroxide.
In China, where LFP uptake over NCM and NCA was also boosted by new regulations concerning battery fires, the sales-weighted average nickel, cobalt and manganese deployment per vehicle was down 42.3%, 45.3% and 38.3% respectively.European invasion That compares to Europe where the average use of these metals has declined only by around 2% year on year almost entirely due to the scarcity of LFP-powered cars in showrooms on the continent.
That may well change quickly too with Volkswagen, the most ambitious of the traditional carmakers to pursue EVs, committing to LFP for its lower end, high volume cars as part of its $29 billion push into the market.The LFP Model 3 is only available in China, with small quantities exported to Europe, but Tesla appears to be doubling down on the technology after reports, as yet unconfirmed, that the California company is adding a second LFP battery supplier to its Shanghai factory and the Model Y to its LFP line-up.
Alla Kolesnikova, Head of Data and Analytics at Adamas, expects in the near term to see more made-in-China Model 3s with LFP cells entering Europe and key right-hand-drive markets globally, including the UK, Ireland, Australia and New Zealand:“Apart from Tesla, there are a few other Chinese brand vehicles hitting foreign markets with LFP cells, including several passenger and light commercial EV models made by Maxus, JAC, BYD and Seres.“Some key Tesla rivals in China, including Xpeng and Nio, are expanding their lineups to include model versions powered by LFP cells, which could follow Tesla’s lead into Europe by as early as this year.”