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October 2017 | Base Metals


Nickel: Following copper’s lead


Short-covering has seen nickel prices rebound robustly since confirming a base in the mid-to-low $10,000s at the end of September. They have followed copper’s rally and have reached the high $11,000s already so, technically at least, a challenge of the September high at $12,380/tonne seems likely.

Short covering rally targeting fresh price highs Nickel prices have been rebounding robustly since confirming a base in the mid-to-low $10,000s at the end of September. They have followed copper’s rally and have reached the high $11,000s already so, technically at least, a challenge of the September high at $12,380/tonne seems likely. Judging by the decline in open interest that has accompanied nickel rally, however, short-covering is the driver and spells of this activity tend not to last too long. Big winter NPI production cuts may be more talk than action Nickel’s move may well have been triggered by news percolating through that market that winter shutdowns are being imposed NPI producers in China. We now hear that China’s top...

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