FastMarkets reported that nickel has fallen below $19,000 per tonne after warehouse inventories rose “to all-time highs above 300,000 tonnes.”
As quoted in the market news:
Stocks surged a net 19,242 tonnes to 305,970 tonnes due to warrantings of 4,176 tonnes in Johor, 7,098 tonnes in Rotterdam and 8,304 tonnes in Singapore.
‘There was a bit of tightness a few weeks ago so it may be some deliveries against that,’ [a] trader added.
Prices, trading above $19,000 earlier, eased to $18,752 per tonne, down from the Tuesday close of $19,120 – the stock jump has stymied a two-day rally of some $1,000.