November 2018 | Stainless Steels
Pricing pessimism grows: Nickel Highlights
It is becoming an increasingly tall order for nickel prices to turn around and get back on course to hit our base case average this quarter.
In our weekly Base Metals Forecaster, we have been discussing in recent weeks, especially in our technical analysis, how nickel prices were starting to look increasingly vulnerable to breaking down. Last week, for example, we noted that prices had traced out a wedge-like pattern on the charts a precursor to a new directional move. Having previously tried higher and failed beneath $13,000/tonne, the odds seemed to favour the downside, especially given poor risk appetite in light of ongoing trade tensions, mounting concerns over Chinese economic growth, sell-offs in equity markets and dollar strength.
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