MCX Nickel prices are topping out due to weak Chinese demand, Macquarie said in a research report. MCX Nickel was one of the worst performing metal at the London Metal exchange (LME) in 2011.
The Macquarie report said while adding that “We think that the current supply demand balance can support MCX Nickel prices in the $18-20,000/tonnes range for this year... but not sustainably above $20,000/tonnes”
For 2012, MCX Nickel has started out positive with benchmark LME prices moving up from $18500/tonne to near $22,000/tonne. MCX nickel has meanwhile gained around 6% for the year till date. www.goldennifty.com
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