The surplus in the global nickel market is expected to widen to 239 000 metric tons in 2024 from 223 000 tons this year, the International Nickel Study Group (INSG) said on Tuesday, signalling further pressure on the metal. Prices for nickel CMNI3 on the London Metal Exchange are down 38% so far this year. High-grade 'Class 1' nickel can be delivered against the LME contract, while production of lower-grade 'Class 2' is soaring in Indonesia.
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