Posted by Commodity Updates by Epic Research on 11:14:00 with No comments
Nickel trading range for the day is 939.8-980.6.
Nickel gained amid expectations of a fourth consecutive year of supply deficit were reinforced by signs of robust demand from stainless steel mills in China.
Data from the International Nickel Study Group shows the nickel market deficit at 46,000 tonnes in 2016, 115,000 tonnes in 2017 and 127,000 tonnes last year.
Global nickel demand is estimated at about 2.4 million tonnes this year. Of that, about two thirds is destined for stainless steel mills, mostly in China.
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