The monthly average cash nickel price fell by approximately 11 percent, in November, compared with October’s figure. Inventories held in LME warehouses reduced. However, stock levels increased on the Shanghai Metal exchange, and in other non-LME facilities. This was regarded as a sign of weak demand, in Asia. Consequently, investor sentiment turned negative. Prices may move lower, in the short term. A temporary recovery in nickel values is anticipated, early in the new year. Reduced supply from Indonesia, coupled with an uptick in demand from the stainless steel sector, is expected to push nickel prices upwards. However, this could be short-lived as an increase in supply from other countries is predicted, in 2020.
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