Solid fundamentals protecting the downside Nickel has been undergoing a healthy corrective move lower, alongside the other base metals as traders adjust to concerns that the US-China trade war may damage economic growth. Unlike some of its peers, however, nickel’s correction has been in an orderly fashion, with prices trading either side of $14,000 per tonne at the moment. Further downside should be limited due to nickel’s positive fundamental backdrop, highlights of which include: An underlying supply-demand deficit reinforced by falling exchange stocks; Strong demand from the stainless sector on the back of major capacity expansions in Asia;...
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