ANickel’s fledgling rebound that ran up to a high of $10,475/tonne has now faltered,with prices retesting support around $9,700/tonne. The pull-back could be just a boutof consolidation, but given the dominant downtrend, prices will need to start movinghigher again fairly soon if confidence in the rebound is to be maintained. With NPIprices in China above LME nickel prices, it looks as though more refined nickel willdisplace NPI and that should increasingly help to underpin nickel prices. The fact thatLME nickel stocks are extremely high, however, will prevent too strong a rally.
展开▼
