More cuts needed to stabilize nickel

Nickel Investing News reports in the past year, nickel did not perform very well; in fact it is the worst performing metal.

Prices will remain under pressure. Stocks are rising, and demand is dropping sharply. Analysts predict that $8,850 per tonne is a good downside target, at noon GMT Tuesday, LME three-month nickel price was indicated at $10,360/560 a tonne. In early January it reached a two-month high of $13,550 ahead of the annual re-jigging of major commodity indices. But the market failed to hold on to its gains when the outlook returned to the bleak economic state of the world. More production cutbacks and closures will be necessary to have any influence on the metal’s stability.

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