Nickel futures dropped to the $21,000 per tonne mark, close to the 9-month bottom touched on May 31st amid a weakening economic outlook and China’s disappointing data. The output also continued to surpass demand, and fears of more tightening from major banks pressured prices. The International Nickel Study Group said the nickel market faces the largest demand-supply surplus in at least a decade amid higher production from Indonesia and the Philippines. Indonesia’s output has already grown to 1.58 million tonnes in the previous year, accounting for nearly half the worldwide supply.
