Nickel Prices May Sink to $13,200 per MT

Bloomberg reported that technical analysis from Societe Generale SA (EPA:GLE) indicates that nickel, currently the worst-performing industrial metal on the London Metal Exchange, may fall further, to $13,200 per metric ton, a low it last hit in May 2009.

As quoted in the market news:

Nickel formed a so-called bearish channel as it retreated from a 10-week high of $15,001 on Aug. 16. The decline took prices below a support line drawn from July 9, when it reached a four-year low, at about $13,850 to $13,800.

Falling below the support line “will add negative pressure towards $13,450, possibly even $13,200,” Stephanie Aymes, an analyst at the bank in London, said in a report yesterday.

Click here to read the full Bloomberg report.