Last night LME Nickel slumped nearly 4%, leading loss among base metals.

[SMM Exclusive] Nickel Ore Price Declined Since Over-Supply

SHANGHAI, Nov.28 (SMM)－Last night LME Nickel slumped nearly 4%, leading loss among base metals. SMM thinks this is mainly caused by weak demand of stainless steel enterprises. Some of them have been in loss status. The market expects the reduction of stainless steel output, which has been fermented by news that one plant in South China will reduce or switch capacity in December, causing drop in nickel price from downstream to upstream.

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