Nickel declines due to overseas cues

Nickel declines due to overseas cues
Yesterday, as a result of the decline in the overseas trend and the decline in the demand from the local alloy-makers, the prices of nickel for the June contract fell by Rs 3.70, or 0.36%, to Rs 1,020.60 per kg, with a business turnover of 6,969 lots at the Multi Commodity Exchange (MCX).

The metal for the July contract also shed Rs 3.50, or 0.34%, to Rs 1,029.60 per kg in 618 lots at the MCX.

The nickel shed 1.3% to $22,550 a tonne on the LME.

Moreover, the reduced offtake by alloy-makers also influenced the prices of the metal.

Some of the major features of the world nickel market are that it is characterized by rising demand and constrained supply and it is more than 54% if world total supply comes from only five companies.

The global nickel consumption is growing by an average 3.1 per cent a year.

Major producers of Nickel are Russia, followed by Australia, Canada, New Caledonia and Indonesia, which represents over 65% of total world production.

Nickel finds its usage in various industries like engineering, electrical and electronics, infrastructure, automobile and automobile components, packaging, Batteries etc.

Read more about: commodities, metal, futures, mcx
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