SHANGHAI, Feb. 27 (SMM) – Nickel market now stages price rallies, and any upward room for nickel prices will be small, Shanghai Metals Market foresees.
Nickel market now largely remains on its downward track, and price rallies are technically driven, SMM says.
LME nickel prices slid below $14,000 per tonne during the Chinese New Year holiday, the third time falling below the mark in about two months.
As of Feb. 24, LME nickel inventories reached up to 424,500 tonnes, up 156,400 tonnes or 58% from the same period last year. The ongoing monsoon season in the Philippines will curb China’s NPI output, but high LME nickel inventories weaken market confidence over its outlook.