EPIC RESEARCH MCX Nickel UPDATE OF 11 February 2019

Posted by Commodity Updates by Epic Research on 11:21:00 with No comments

Nickel trading range for the day is 870.3-931.5.

Nickel prices remained under pressure amid soaring nickel output in China and Indonesia to record levels.

LME Nickel prices finished down 3.2 percent at $12,570 a tonne, falling below its technically important 200-day moving average.

Smelter expansion in the two Asian countries will result in a 12 percent rise in NPI production to a record 840,000 tonnes this year.

Warehouse stock for Nickel at LME was at 200490mt that is down by -264mt.

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