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

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March 2019 | Base Metals

Nickel: Stock flows drive the bull narrative

Nickel prices are taking something of a breather as they consolidate lower after reaching a new 2019 high of $13,725 per tonne last week. Despite the pull-back, the trend this year remains strongly higher, supported by unrelenting outflows from visible inventories.

LME stock drawdown breaking multi-year records... Stock trends are one of the key indicators maintaining bullish sentiment towards nickel and its fundamentals. At 193,254 tonnes on March 12, LME stocks are now at their lowest since June 2013. Cancellations also keep coming and now stand at 38% of total stocks. This brings the available tonnage of warrants below the 120,000-tonne level for the first time since the end of November 2012. ...SHFE stocks still falling Unlike some other base metals which have seen SHFE stocks balloon as LME stocks have fallen, nickel inventories on the Shanghai exchange remain under pressure – last reported at 10,729 tonnes on Friday...


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