Nickel Moves Up Even On Closure Of LME
DATE: 27/08/2012
Even after closure of London Metal Exchange Nickel markets moved higher in
local exchange, on some smooth expectations for world economy and sense that
stimulus measures will take debt head on. Fundamentally, Nickel has nothing
going its way looking at the heavy surplus of raw materials of Iron ore and
slag demand for stainless steel.
Indian Nickel futures have jumped by 7.5% since testing a low of R 854 per kg on 11 August 2012. MCX Nickel was trading
at R 917 per kg on Monday 27 August 2012. The
levels haven't been seen since 9 July 2012.
A limited support in the contract emerged when Indonesia called for ban in
Nickel ores by 2014, creating near term tightness but the news was discounted
soon as China jostled from the huge supplies of raw materials like Iron ore on
its ports and dull demand for stainless steel. Soon after the news of probable
stimulus Euro currency has been clinging higher against the Dollar that has
made commodities investment attractive.
+POWERED BY: COMMODITY INSIGHTS
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