The LME cash price for nickel has descended by nearly 4,000 dollars/t since its mid-August high of 21,070 dollars/t. Yesterday's closing evaluations may have reached 19,170 dollars/t on the back of dollar weakness and renewed interest by the fund markets, yet prices have generally lingered in a small trading range around 17,500 dollars/t in the past month. To be sure, nickel has lost its mid-year momentum, and with both producers and consumers now much more prudent than they were a few weeks ago, a further retracement is well within the bounds of possibility.
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