Given the price of Ni is considerably lower than face value a few months ago(demise of the US dollar).....Nickel at $10lb when we are a parity with the dollar is considerably lower than when Ni was $US14 and we were at 85c....
I have read many a report saying that the pig nickel crap needs a price of $US10-12 per lb.
I have also read that Stainless Steelers were due to re-enter the market (2H08) as the massive destocking (and waiting) periods are finished.
Given the flat line of LME stockpiles (slightly declining over the last couple of weeks) I would not be surprised if the hedge funds, short sellers or whoever have identified Ni as their next target.
Seen it recently with the price of Wheat (rise and demise) and seen it with the rapid rise in the price of Oil (possible demise on the way)....
TheGimp
fall and price of nickel
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