Nickel price rebounds

摘要

The LME cash nickel price has rebounded back above the $17,500/t level in recent weeks mostly on the back of non-fundamental factors. As the nickel price started to breach key moving averages (100 and 200 days) in mid-November this triggered short covering by CTA funds. This was followed by new long position been established in the market further boosting the LME nickel price. The increased interest by investors could be supported by a perception that demand will be firmer going into next year.