Deliveries of nickel into the LME warehousing system have been conspicuous by their absence during the past month, but withdrawals have been slowing. This suggests that supply constraints continue, but that demand is slowing, which is a pattern we have been expecting. However, as the third quarter progresses, we expect supply to improve gradually, and we think there will come a point when dwindling outflows get overtaken by rising inflows.
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