MCX Nickel Intraday Tips: Nickel yesterday settled down by 0.39% at 1327.4 on profit booking after seen supported as prospects for rebounding growth as the global vaccine rollout gathers pace underpinned a rally in the metals market.
MCX Nickel Intraday Tips All Most Full Target Hit 1335 To 1321.60 | Neal Bhai Reports
Meantime, the commodity growing usage in lithium-ion batteries and the accelerated roll-out of electric vehicles remains a positive backdrop for markets.
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In early March, nickel prices slumped to a 3-month low and stuck in a tight range until the end of April, after concerns about supply shortages eased following China’s Tsingshan announcement to produce a large amount of nickel matte in Indonesia.
Indonesian state miner Aneka Tambang (Antam) said its nickel ore output rose more than four-fold in the first three months of 2021 compared to the same period a year ago.
Antam’s nickel ore output stood at 2.64 million wet metric tonnes (WMT) in the first quarter, up from 629,000 WMT in the same period in 2020, the company said in a statement.
Antam’s nickel ore sales, meanwhile, stood at 1.6 million wet metric tonnes in the first quarter, the company said. US core PCE inflation hit its highest in 13 months and ISM manufacturing PMI continued to rise rapidly in April.
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Aluminum prices approached levels last seen in 2018 and copper CMCU3 hit an all-time high as investors bet on a rapid global recovery from the pandemic, led by the United States. MET/L Iron ore futures also vaulted to a record high. Emerging markets
Analysts attributed the rise in copper prices to raising of bets by participants driven by a pick-up in the spot demand.
According to the latest demand-supply estimates released by the International Copper Study Group (ICSG), the refined copper market is expected to be in surplus to the extent of 79,000 tonnes this year. The surplus comes after a sizeable supply deficit of 604,000 tonnes seen last year.