MCX Nickel Tips – yesterday settled down by 0.55% at 937.3 after Philippines’ top two nickel miners said they expect to gradually resume mining and shipping operations in the country’s main ore-producing region starting on May 1, following shutdowns to contain the virus.
Macroeconomic development and potential capital outflow before the upcoming Labour Day holiday will be monitored. Spot trades of mcx nickel thinned amid sufficient supplies as consumers mostly finished their pre-holiday stockpiling.
Raw materials shortage at NPI plants could ease in June as major miners in the Philippines plan to resume operations.China’s nickel ore imports in March fell 42.3% year on year, customs data showed, hitting a 25-month low after an export ban in top miner Indonesia from the start of 2020 and coronavirus-related disruptions in the Philippines.
Total imports of nickel ore stood at 1.61 million tonnes last month, according to China’s General Administration of Customs – the lowest monthly total since February 2018. Nickel ore stocks at Chinese ports are already at their lowest since June 2018 as supply tightens.
