ni profit taking

Massive profit taking has undergone overnight to see Ni fall to from its highs around US9.50/lb to US8.96/lb , consequently we have seen a slight pull back in PAN and other nickel players today.

Some have said Nickel has already hit its peak. Slower growth in china along with the shut down of steel manufacturers furnaces in europe and america at the end of May for maintenance will contribute to reduction in demand of nickel.

Whereas others say there is further rise to come to US 25,000 per tonne some time this year (Approx US 11.34/lb) as supply from Indonesia won't be replaced by other sources, adding to the supply constraint is the Vale saga.

I personally Ni will reach a higher level, but for the share price to break the 70c barrier, we need a definitive result imo.