The April average cash nickel price is likely to be downby more than 5 percent, month-on-month. A rise inLME inventories was noted, over the past few weeks.Nevertheless, recent reports suggest that the nickelmarket was in defi cit early this year and is expected toremain so for the rest of 2017. If this is correct, then wewould expect stock levels, held in LME warehouses,to reduce soon. If the Philippines environment ministeris confi rmed into her post in early May, mine closures,in the country, could be accelerated. This would givea boost to nickel prices. Values are expected to moveabove US$10000 per tonne in the second half of thisyear.
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