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Nickel May Trade Positive Cues

ByCommodityOnline
Published 03/04/2014, 02:07 AM
Updated 05/14/2017, 06:45 AM


--Nickel was the top performer in the Friday's trading session at the LME platform up by 1.9% as the commodity is getting continued support from the increase in its cancelled warrants which have been consistently rising since last fifteen to twenty trading sessions.

--On the inventory front as stated in our weekly report the metal is getting continued support in the form of cancelled warrants which have increased by 12% from 110,118 MT to 124,692 MT in the last fifteen trading sessions. According to the secondary sources orders for the Philippines nickel ores have increased after the Indonesian Minister said that Indonesia would continue with the export ban in mid-February indicating potential supply tightness in the commodity which might support the prices to trade higher.

--For the day, we have a ranged outlook on the commodity as on one side the commodity might take negative cues from the ongoing Geo-political tensions in Ukraine. However on the other hand the commodity might take positive cues from its cancelled warrants front. For the entire week we have a positive outlook on the commodity due to the increase in cancelled warrants and narrowing contango.

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