Prices are not out of the woods yet

摘要

Nickel prices, while holdings off their early July lows, appear to be faltering, stallingahead of the $12,000/tonne early last week. That said, in contrast to the rest of the basemetals, nickel proved somewhat more resilient last week, ending the week downa modest 0.9 percent, compared with the 3.5 percent average decline recorded bythe complex as a whole. Nickel was somewhat supported by reports suggest China’ssecretive State Reserve Bureau (SRB) has initiated a remit to buy up to 50,000 tonnesof refined nickel in the second half of this year, to take advantage of low prices.