Trading day running commentary, page-4524

Ni yesterday sold @ US 19674 p/t- up 1.8% on the day, & 17.67% for the month.
The horrible Ni nadir of US $15692, on 9.2.24, is over?

Can Ni reach US $20k+, & stay there for at least a period of 1 month? If so, CTM can expect a significant SP rise?
(On 12.9.23, Ni was c.US $20006 p/t- & CTM traded at 72.2c)

Re lift in Ni prices, how significant is this recent change, caused by the recent new sanctions imposed on Russia for its Ukraine invasion," US and UK banned the delivery of newly-made Russian nickel to LME and CME"?


tradingeconomics.com 24.4.24

"Nickel futures steadied above $19,000 at their highest since September 2023, underpinned by talks of Chinese government buying and fears of lower supplies. Several sources cited that China's stockpiler, the National Food and Strategic Reserves Administration planned to purchase the nickel pig iron, the main feedstock for stainless steel. The number and involved companies were not revealed. At the same time, the metal got a boost from declining output since the world's leading producer Indonesia was still reviewing application for mining quota and hasn't issued all permits, and US and UK banned the delivery of newly-made Russian nickel to LME and CME.

However, the poor long-term demand outlook added downward pressure on the commodity, as top consumer China's economic growth hasn't stabilised and Beijing didn't deliver more stimulus meassures".

Nickel - Price - Chart - Historical Data - News (tradingeconomics.com)