Nickel on MCX settled up 0.41% at 656.8 on short covering as nickel ore supply remains tight, which is leading to a significant output cut at nickel smelters. Meanwhile, stainless steel demand shows no signs of improvement in April, and de-stocking of hot and cold-rolled products pressed down the market, a sign of weak end-user demand. Indonesia’s ore export quota has been closely watched after its new export policy decision.

Trading Ideas: 

* Nickel trading range for the day is 634.3-670.3. 

* Nickel recovered on short covering as nickel ore supply remains tight, which is leading to a significant output cut at nickel smelters 

* According to China Customs, China imported a total of 300,000 tonnes of nickel ore from Indonesia during the first two months of 2017. 

* Indonesian nickel ore are estimated to keep flowing into China and the monthly supplying volumes from the country to China will reach around 100,000 tonnes.

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