Nickel Prices Dropped As Pressure Following Indonesia’s

Nickel prices dropped as pressure following Indonesia’s approval for third company for nickel ore exports. The new environment minister lifted a restriction on issuing environmental permits to projects, including mine exploration and development, reversing a previous order by his controversial predecessor dismissed in May. The news from the Philippines has eased worries about shortages of the metal used to make stainless steel, where production is slowing.

The Philippines' new environment minister announced to revoke a restriction on issuing environmental permits to projects, including mine exploration and development. China’s refined nickel output fell during the first half of 2017. Survey of major domestic nickel smelters shows that refined nickel output was 11,980 tonnes in June, largely flat with May’s level, and China’s national output was about 12,558 tonnes based on the data.

Output from January to June was 75,933 tonnes, down 14 per cent on a yearly basis. In June, output at one large nickel smelter in northwest China was up slightly to 10,300 tonnes, and the growth was due mainly to more working days. Another producer in south China cut production due to loss-making, and production was for long-term buyers only.

In July, output will hold largely stable on a monthly basis, and may fall slightly with working days falling, and China’s national output of refined nickel is estimated at around 12,200 tonnes in July. Technically now Nickel is getting support at 576 and below same could see a test of 571.2 level, And resistance is now likely to be seen at 586.9, a move above could see prices testing 593.

For Quick Trial – 8962000225 ✔
or mail us here: info@ways2capital.com
✆ - 0731-6626222 | Toll Free - 1800-3010-2007
Give a Missed Call for Free Trial - 09699997717
SHARE

Suhani Verma

  • Image
  • Image
  • Image
    Blogger Comment
    Facebook Comment

0 comments: