Nickel Traders Bet On Lower Prices

Bloomberg reported nickel traders are probably betting on lower prices as futures contracts rose and prices dropped.

As quoted in the market news:

Open interest in London Metal Exchange nickel futures rose by 9,160 contracts to 176,378 lots in the week to July 12, the highest level since at least September 2005, exchange data today show. Nickel for delivery in three months, the benchmark contract, declined 5.5 percent over the period. One contract is for 6 metric tons of the metal used to make stainless steel.

Click here to read the full Bloomberg report.