The May average cash nickel price is expected to be more than 6 percent lower than the April fi gure. Escalating global trade tensions are adding to the negative outlook for metals demand. MEPS detects signs of growing supply, with nickel pig iron production up, this year. The defi cit in the market narrowed, in the fi rst two months of 2019. A supply surplus is forecast, in 2019. This is likely to keep prices subdued, over the next six months. If the US-China trade war continues to intensify, then nickel values could record signifi cant decreases, in the near term.
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