Nickel highlights

摘要

Mid-May saw extreme volatility in nickel prices as we finally got something akin to a meaningful correction. The market is trading around $20,000/tonne at the time of writing, but was above $21,000/ tonne at one point last week before almost touching $18,000/tonne intraday at the deepest point of its reversal. So what now? The fact that prices did not fall further during this correction, or at least this phase of the correction, and the fact that they bounced back so sharply suggests that there is still plenty of dip-buying appetite, which is bullish.