MUMBAI (Commodity Online): The Nickel market was in surplus during January to April 2011 with supply exceeding apparent demand by 1.6 kt.
The latest report from World Bureau of Metal Statistics (WBMS) showed that in whole of 2010 the calculated surplus was 2 kt but this figure includes substantial imports recorded by China, some of which was destined for re-stocking purposes.
Reported stocks held in the LME at the end of April were 19 kt lower than at the end of last year. Refined production in January to December 2010 totalled 1513.1 kt and demand was 1511.1 kt.
Mine production during January to April was 540.3 kt, 73 kt above the comparable 2010 total. Japanese refinery output increased by 0.2 kt compared with the first four months of 2010 but apparent demand fell by 2.7 kt. World apparent demand was 52 kt higher than the previous year. In April 2011, Nickel smelter production was 132.8 kt and consumption was 133.2 kt.
MCX Nickel June was trading at Rs 994 per kg, down 0.85%. The markets tested a high of Rs 1008 and a low of Rs 994 per kg.
