Nickel Prices Gained Supported By Stable Demand From Stainless Steel

Nickel trading range for the day is 1206.1-1294.9.

Nickel prices gained supported by stable demand from stainless steel and supply shortages after Indonesia bans ore exports.

China’s nickel ore market will flip to a deficit in 2020 as major supplier Indonesia brought forward the ban on mineral exports to December 31, from the previously scheduled 2022.

Nickel ore inventories across all Chinese ports fell 280,000 wmt from a week ago to 13.25 million wmt as of Friday September 6

Warehouse stock for Nickel at LME was at 154956mt that is up by 1134mt.

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