Price rebound lacking follow-through buying at the moment... Even though the selling momentum since the June high has started to slow and a price rebound was seen last week, nickel has run into resistance ahead of $14,000 per tonne. The lack of follow-through buying in nickel and the other base metals suggests that overall sentiment is still hesitant, which is understandable given continuing worries about the US-China trade conflict and its impact on metal demand. However, signs that tensions are thawing are encouraging and if risk appetite continues to recover accordingly, the base metals should resume their recovery. The stronger ones, like nickel, will lead the way. ...but it will come, given strong fundamentals The steady decline in global nickel inventories...
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