Wednesday, 1 August 2018

EPIC RESEARCH MCX Nickel UPDATE OF 1 August 2018


Nickel trading range for the day is 941.4-977.6.

Nickel gained after fresh production cuts across local steel mills in Changzhou, Jiangsu province will affect daily pig iron output of some 22,800 mt.

Medium-grade nickel ore prices are only expected to rebound from late September as supply overhang is to stay for the third quarter.

Buyers were not as keen to stockpile as they were last year as shipments from Indonesia would make up for some loss from the Philippines.

Warehouse stock for Nickel at LME was at 256044mt that is down by -114mt.
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