MCX Nickel has managed to gain on good demand scenario globally even as global metal markets remained tense. The global Nickel market was in deficit during January to April 2018 with apparent demand exceeding production by 43 kt, according to a latest update from the WBMS. In the whole of 2017 the calculated deficit was 96.0 kt. Reported stocks held in the LME at the end of April 2018 were 59.8 kt lower than at the end of the previous year.
Refined production in January to April 2018 totalled 569.1 kt and demand was 612.5 kt. Mine production during January to April was 609.6 kt, 47 kt above the comparable 2017 total. Chinese smelter/refinery output increased by 21 kt compared with 2017 and apparent demand was 35 kt higher than in the previous year. World apparent demand was 48 kt higher than the previous year. In April 2018, nickel smelter/refinery production was 149.6 kt and consumption was 162.2 kt.
MCX Nickel has bottomed out just under Rs 1000 per kg levels this week and currently trade at Rs 1020 per kg, up half a percent on the day.