Morning all,
Nickel again one of the top performers along with copper on Friday smashing past the $4/lb mark on Thursday and cementing support. Up 3.52% Ni and 3.62% Cu. Why I mention copper is because both have similar manufacturing protocols demand.
Spot nickel now $9279/tn
http://www.*****net.com/charts/metals/base/t24_nk450x275.gif
Inventories are still shown surplus dumps. Notice the 3 big increases late Dec, Jan and Feb. This shows macro conditions nickel demand is quite healthy but miners are just dumping into LME/SHE. This trend is not happening in the copper stockpile and hence why I'm more bullish in copper ATM as production has eased in line with demand.
If/When these supply dumps ease Nickel will test $10,000/tn and beyond.
http://www.*****net.com/charts/metals/base/lme-warehouse-nickel-6m-Large.gif
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Morning all, Nickel again one of the top performers along with...
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