Nickel MCX Tips Today – Hit High 1100.30 – Nickel (Base Metal) settled down by 1.1% at 1085 as prices remained in range as negotiations of coronavirus relief package were in a stalemate.
China’s nickel are imports more than doubled in June compared to the previous month, as the top supplier the Philippines has shrugged off the impact from the COVID-19 lockdown measures.
China imported 3.45 million mt of nickel ore and concentrate last month, up 1.77 million mt, or 105.5% from May but down 17.1% from June 2019, according to data from China customs compiled.
Imports from the Philippines jumped 129% month on month but dipped 3.5% year on year to 3.07 million mt in June. A recovery of supply from New Caledonia from adverse weather also contributed to the sharp increase in China’s nickel ore imports in June.
The nickel market was in surplus during January to May 2020 with production exceeding apparent demand by 33.3 kt. In the whole of 2019, the calculated deficit was 29.1 kt. Reported stocks held in the LME at the end of May 2020 were 80.2 kt higher than at the end of the previous year.
Britain’s economy shrank by a record 20.4% in the second quarter when the coronavirus lockdown was tightest, the most severe contraction reported by any major economy so far, with a wave of job losses set to hit later in 2020.
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