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Global nickel prices continue to fall

Global nickel prices continue to fall

Nickel prices are falling in the first session of March. Gloomy manufacturing activity statistics from China have negatively impacted sentiment, but over the entire week, nickel could become more expensive amid concerns about supply and hopes for increased demand.

Three-month nickel futures on the LME dropped by 0.5% to $17,785 per tonne at 04:45 GMT, but have risen by 1.7% since the beginning of the week. On the SHFE, the most actively traded May contracts for nickel rose by 0.8% to 138,010 yuan ($19,177.11) per tonne.

China's official manufacturing sector activity indicator for February pointed to a contraction for the fifth consecutive month. Nonetheless, analysts at Yinhe Futures believe that nickel demand will increase in March in the stainless steel and battery segments, which are the main consumers of this metal. According to analysts, disruptions in mining due to delays in the approval of mining projects in Indonesia are also bolstering an optimistic outlook.

A recent reduction in ore production in Indonesia has led to price increases and reduced production volumes.

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