Nickel had a respectable performance last week, with average cash prices up 2.4%. All of its peers registered rises too, from 4.2% for aluminium to 0.2% for tin, which put nickel in the middle of the pack. However, although prices did advance, the market lacked follow-through buying. Indeed, the way that prices have pulled back since suggests that there is still far more appetite to sell nickel than to buy it, which is ominous. Base metal prices are under pressure again across the board and nickel is trading back in the range we have seen since late April.
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