Nickel/Still waiting for that stainless resurrection

摘要

With LME cash cathode below 26,000 dollars/t on December 3l nickel set a distinctly downbeat tone to the close of the old year. It then changed its mind to salute the new, and by January 4 the price was back at 29,000 dollars/t. But that was as far as the rally went, and the past week has seen nickel fluctuating in a fairly loose band around the 28,000 dollars/t level. Forward prices have mostly been tracking spot terms, generating a meaningful three months contango of several hundred dollars.