Nickel on MCX settled up 0.73% at 718.30 on short covering after Brazilian miner Vale SA dialed back its nickel output forecasts for the next five years, although the world's top producer of the metal praised its longer term prospects on likely soaring demand for electric cars. also support seen after the global nickel market deficit widened to 9,700 tonnes in October from a revised 7,500 tonnes the month before, data from the International Nickel Study Group showed on Thursday.
For the first nine months of the year, the global deficit for refined nickel widened to 65,700 tonnes from 47,400 tonnes in the same period of 2016. Global demand for refined nickel during October stood at 192,400 tonnes, outstripping production of 182,700 tonnes, the data showed.
Trading Ideas:
* Nickel trading range for the day is 703.6-728.2.
* Nickel prices remained supported after data showed China’s industrial output expanded at a faster than expected pace in November.
* China Nov crude steel output +2.2 percent y/y at 66.15 million tonnes.
* Japanese manufacturing activity expanded at the fastest pace in almost four years in December.
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