FYI [Dow Jones] LME nickel set to rebound, says Deutsche Bank, as fundamentals have improved with mine supply being cut, Chinese nickel pig iron (a substitute for primary nickel) production falling sharply and a 4Q resurgence in stainless steel production in the offing. "Inventories at global distribution centers are running low of higher quality stainless brands and we believe they will seek to restock as many end-use applications require these qualities." Deutsche says nickel price likely to recover to same level as nickel pig iron cost of production, which bank estimates at $24,000/ton. LME nickel untraded so far in Asia after falling $275 to close at $20,225/ton at Friday's kerb.
MRE Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
