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Reuters reported that the nickel market is dependent on the timing of a variety of factors, such as cost opacity in China, new supply dynamics in Indonesia and elsewhere and the evolution of LME stocks.
Reuters reported that the nickel market is dependent on the timing of a variety of factors, such as cost opacity in China, new supply dynamics in Indonesia and elsewhere and the evolution of LME stocks.
As quoted in the market news:
The trigger was the well-flagged but widely unexpected decision by the Indonesian government to ban the export of unprocessed minerals in January. At the stroke of a presidential pen, China’s massive nickel pig iron (NPI) sector lost its main source of feed.
Great expectations, however, were dashed by reality, specifically a compensatory surge in nickel ore supply from the Philippines.
The subsequent price collapse was as spectacular as the original rally. And here we are again, the London nickel market kicking its heels around the $15,000 level.