nickel prices remain bullish. read why.

Nickel up about 1% last night.

Nickel supply deficit increases

* Scrap Magazine reported yesterday that "Forecasts for a global nickel supply deficit have recently been increased, adding to the uncertainty facing both buyers and sellers. Price volatility will likely remain a consistent and constant feature for this LME-based metal." I am attempting to find out who has recently increased their deficit forecasts.

http://www.chrisanddavid.com/stainlesssteelfasteners/stainless-steel-news.shtml

Stainless steel demand remains positive

*Nickel and Stainless: Though LME transacted prices for nickel trended higher from May through July, volatility was apparent in August as prices dropped some 20 percent in one month. Nickel inventories will be closely watched, with any unusual deliveries and/or withdrawals expected to exaggerate the price response by the trading community. Meanwhile, stainless steel demand continues to trend positively for the balance of this year, promising steady demand for primary metal as well as nickel-containing scrap. Forecasts for a global nickel supply deficit have recently been increased, adding to the uncertainty facing both buyers and sellers. Price volatility will likely remain a consistent and constant feature for this LME-based metal.

http://www.kitcometals.com/reports/Scrap/ScrapMagazine24Aug04.htm

Nickel has closed above support today, uptrend in prices is confirmed.

*Nickel closed below our support levels yesterday, but we will wait to see if it closes there for a second day to confirm the break. Nickel has been ranging today after an initial break to the upside following the rally in copper. The chart picture for nickel is bullish as it broke out of the downtrend two weeks ago and was able to maintain the current trend up.

http://www.kitcometals.com/reports/ManMetals/metals_040824.pdf

Nickel prices are set to remain strong & rise barring any "huge" LME inventory rises.

Cheers.