Nickel Inventories Has Increased By 26.5 Percent Since 2013

Nickel.......

Nickel inventories have increased by 26.5 percent till date on LME. The rise in inventories is basically due to increase in production and a stage where Nickel will transform into surplus from deficit. International Nickel Study Group (INSG) has suggested that the World Nickel markets will be in surplus of 90000 tonnes in 2013. World Nickel markets were in surplus of 110000 tonnes in 2012. 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. LME inventories have seen a jump of 26.5 percent to 177036 tonnes till 30 April 2013 from 139908 tonnes on 31 Dec 2013. These are all time high levels of inventories of Nickel. The rise in inventories has been more or less in every base metal after the consumption rate of China has come down. LME Nickel was bid at $ 15414 per tonne, up $ 44 per tonne. On MCX, prices of near month Nickel were under pressure due to strength in Rupee against the Dollar. MCX Nickel was trading at Rs 834.4 per kg, down 0.84 percent. MCX Nickel support is at Rs 825 per kg. Source by Commodity Insights