Researchers discover nickel-eating plant species

Ajay Kumar Kedia 2 June 2014

Nickel Nickel settled up 2.43% at 1144.6 as support continued to be seen on persistent concerns about a supply shortage. New Caledonian authorities will allow mining giant Vale to restart nickel mining activities after suspending operations at the $6 billion plant more than three weeks ago due to an effluent spill. Prices are already up nearly 40 percent this year, with a ban on the export of unprocessed ores by top producer Indonesia raising fears of a shortage. Prices are already up nearly 40 percent this year, with a ban on the export of unprocessed ores by top producer Indonesia raising fears of a shortage. According to International Nickel Study Group (INSG), the surplus in global nickel market dropped significantly during the month of March this year. The global nickel market surplus totaled 3,600 tons in March this year. This is 52.6% down when compared with the surplus data during March last year. The global nickel market surplus during March 2013 was 7,600 tons. In addition, China, which uses half of the world's nickel, was continuing to grow as the Indonesian ban remained in place. Vale SA, the second-biggest nickel producer, got permission to restart its New Caledonia plant. U. S. core personal consumption expenditures, which exclude food and energy, rose 0.2% in April, in line with expectations, after a 0.2% increase the previous month. The global market will swing to a deficit in the second half of 2014. Technically market is under fresh buying as market has witnessed gain in open interest by 80.13% to settled at 5548 while prices up 27.2 rupee, now Nickel is getting support at 1121 and below same could see a test of 1097.4 level, And resistance is now likely to be seen at 1158.1, a move above could see prices testing 1171.6.