Nickel rebounds

Nickel climbed for the first time in four days, paring a sixth weekly decline, as investors deemed this week’s drop to a seven-month low as excessive amid signs of an improving U.S. economy. The metal in London rose as much as 1.2 percent after closing yesterday at the lowest since March 10. Global usage of the metal, used to make stainless steel, will exceed output by 20,000 metric tons in 2015, the International Nickel Study Group estimates. U.S. factory output rebounded in September and claims for jobless benefits dropped to a 14-year low, reports showed yesterday. The country is the second-largest consumer of metals. “Nickel’s fundamentals remain the strongest of all the LME metals, with supply deficits seen for the next three to four years,” said Gavin Wendt, founder and senior resource analyst at Mine Life Pty in Sydney. “Traders are refocusing on this.”



http://www.bloomberg.com/news/2014-10-17/nickel-pares-sixth-weekly-loss-on-u-s-factory-output.html