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

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July 2019 | Base Metals

Nickel: Cautiously bullish

Nickel prices are looking strong again this week, approaching the July 1 high of $12,850 per tonne. But we would be wary about getting too bullish, too soon. If this rebound attempt falls short, it would put another ‘lower high’ in the series that goes back to early March, which would be bearish by confirming that the dominant trend overall remains the four month long down-sloping channel.

Having another go at $13,000 per tonne... Nickel has been the best-performing base metal in recent days, enjoying technical momentum that seems to be having another go at the $13,000 per tonne level after the rally throughout most of June peaked at $12,850 per tonne. ...albeit amid limited fundamental support An earthquake in Indonesia near nickel-rich Sulawesi on Monday is likely to have raised fresh concerns about further potential supply disruptions after the region was hit by flooding last month. The extent of the damage from both events remains unclear for now. Nickel...


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