Nickel Supply Could Reverse Rally

Bloomberg reported nickel miners are producing far more metal than previously produced and may reverse its recent rally.

As quoted in the market news:

Production will exceed demand by 45,000 metric tons, a 73 percent jump from 2011, Barclays Capital estimates. That’s equal to 46 percent of stockpiles tracked by the London Metal Exchange. Refined output will rise 12 percent, the most in at least eight years, according to Morgan Stanley. Prices, which rose 7.8 percent to $20,170 a ton this year, may fall as much as 13 percent to $17,630 a ton by Dec. 31, the median of 11 analyst estimates compiled by Bloomberg shows.

Click here to read the full Bloomberg report.