Nickel Sharply Lower On LME, Dollar Rise Pose Problems

Nickel.......

Dollar rise in new week trading posed problems for stainless steel material Nickel . The intraday moves were on the lower side with LME three month prices at $ 14787 per tonne, down from $ 14900 per tonne last week. MCX Nickel May expiry was seen trading at Rs 811.6 per kg, down 0.44 percent. Prices are supported at Rs 800 per kg. Resistance for the contract is at Rs 820 per kg. World Nickel markets are estimated to be in surplus of 90000 tonnes in 2013, as per International Nickel Study Group (INSG). Opening of number of new mines will be creating surplus in Nickel. Having said that, INSG said that surplus will be narrow this year compared to last year on account of recovery in demand. Last year, world Nickel markets were in surplus of 110000 tonnes. World primary Nickel production is expected at 1.86 million tonnes in 2013, up 5.7 percent from 2012. Primary Nickel usage is expected to increase by 7.3 percent to 1.77 million tonnes. China is exporting Nickel ores from Philippines. These ores are being used to produce Nickel Pig Iron in China. Indonesia banned its Nickel ores exports but INSG has noted that country hasn't affected the exports to China. Source by Commodity Insights