Nickel prices rallied well ahead of the fundamentals during LME Week when the market got carried away by the prospects for demand from the electric vehicle (EV) market. Having set a high of $13,030 per tonne, prices corrected to $10,740, which felt justified given increased ore shipments from Indonesia and the Philippines. Prices have since rebounded back above to $12,000 per tonne but this move is more difficult to justify other than it has happened in line with a general rebound. Looking forward, the balance of some key bullish and bearish factors will determine price direction in 2018. Bullish themes Strong concerted global economic growth was a supportive factor for all metals in 2017, and nickel was no exception....
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