LME nickel inventories and nickel price
The price of nickel is being very stubborn. It still seems to be consolidating between about 8.80-9.00. That's been the trend the last little while. It does look ready to permanently move past $9 though...The LME warehouse nickel inventories on the other hand continue their nose dive. I thought they had found support at just over 140,000 tons. We'll, we've now dropped another 12% from there and sit at just over 124,000 tons. Just to put this into perspective, the low in inventories in the first quarter of 2020 when everything shut down hit a low of about 60,000 tons. I'm beginning to wonder if there's chance we take out that number. It makes you wonder what things will look like in the nickel market. I'll attach the 5 year LME nickel inventory chart. Definitely eye popping. ------ https://www.kitconet.com/charts/metals/base/lme-warehouse-nickel-5y-Large.gif