I thought I'd trying analysing the nickel price against LME warehouse levels (red line), over 5 years. Nothing really emerged. Linear regression (green line) of nickel is trending up though.
Nickel seems to be more closely correlated to the iron ore price, which is of course expected, given most nickel is used for steel. Has the price of iron dropped 20%? No, it's reached recent highs.
Since NCM precursor prices also seem unaffected by the rout, I'm gonna say it's volatility caused by speculation, not fundamentals.
I thought I'd trying analysing the nickel price against LME...
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