NICKEL WAS IN SURPLUS OF 26000 TONNES IN JAN-MAY 2012: WBMS
DATE: 20/07/2012
World Bureau of Metal Statistics (WBMS) estimated a surplus of 26000 tonnes in Nickel during January-May 2012 period. The surplus in whole of 2011 was only 7000 tonnes. LME showed a rise of 9400 tonnes in the total stocks in May ending from December 2011. Total refined production of Nickel was 0.71 million tonnes in Jan-May 2012, while the demand was 0.685 million tonnes in the same period. The demand was 60000 tonnes higher than previous year.
Total Nickel mine production was 0.79 million tonnes, up 132000 tonnes. In Japan, refinery output increased by 1700 tonnes compared to 2011. Apparent demand in Japan was 7600 tonnes lower in Jan-May compared to same period last year.
LME three month forward Nickel prices closed at $ 16175 per tonne, up $ 135 per tonne on Thursday. The prices are under marginal pressure today trading at $ 16067 per tonne.
POWERED BY: COMMODITY INSIGHTS
www.goldennifty.in
For today's MCX, Epic Research updated that Nickel ended with gains as investors await inflation figures from the U.S.
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