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Forecasts and market analysis based on price assessments from Fastmarkets MB and Fastmarkets AMM

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January 2019 | Base Metals


Nickel: Rallying again


After pausing to consolidate last week, we are not surprised that nickel has now resumed its uptrend. It has moved on to $12,160 per tonne – matching the highs last seen in early November. It is too early to say whether Vale’s nickel business will be affected by the fallout from the latest tailings dam disaster at another of the company’s Brazilian iron ore mines.

Back above $12,000 per tonne Nickel has rallied well off its early-January low of $10,525 per tonne and took a breather last week after running into some important technical resistance levels in the high $11,000s. As we noted in our last report (when that consolidation was starting), dip buying seemed quick to emerge into the first sign of weakness, which felt like a bullish indicator. Sure enough, nickel has now resumed its uptrend and has moved on to $12,160 per tonne – matching the highs last seen in early November. Is Vale’s latest tailings dam disaster impacting nickel? We have been asked whether Vale’s tailings dam disaster at its...

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