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October 2017 | Base Metals

Nickel: Support found

Nickel prices seems to have found support in the mid-$10,000s and have begun to rebound strongly, at least at the start of this week. But we would not be surprised if this is part of choppy consolidation that continues in the short term.

China returns from holiday in buying mood Nickel prices started this week rallying strongly before running into resistance around the $11,000/tonne level. It is hard to pin-point the exact reason for this burst higher, but it does coincide with the return of Chinese players to the market after their Golden week holiday. And, technically, it looks like the correction off the early September peak has run its course, so technical buying and short-covering from China may well have played a part. Despite the higher prices, producers are still struggling There was also news that Cunico has reduced power to its Feni ferro-nickel smelter in Macedonia for up to one month on a combination of cost cutting, maintenance, management changes and talks with the government over finances and power. We believe the plant has been producing at around 3,000 tonnes of contained nickel...


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