EPIC RESEARCH MCX NICKEL UPDATE OF 2 JULY 2018

Nickel trading range for the day is 1004.9-1043.9. Nickel prices gained supported by shrinking domestic inventory, limited nickel pig iron (NPI) production and growing stainless steel output on recovered profits. Stocks of nickel in LME approved warehouses have dropped 40 percent to near 270,000 tonnes since January 2016. China's steel demand will stay flat near a peak level in the coming five to 10 years with annual crude steel consumption at around 700 million tonnes.

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