Nickel issue is NOT over So, Many shorts still to cover and warehouse levels going lower.
Now, the only nickel that can be used is the Class 1. However, if the Class 1 is priced very high it has to drive up the price of lesser nickel. there will be no Class 1 for stainless available.
At some point this will become common knowledge and CNC will certainly rise in value.
I believe that the low SP hs more to do with the recent PP out of the blue and no explanation...yet.
https://www.nasdaq.com/articles/column-lme-nickel-limps-back-but-tensions-are-not-going-away%3A-andy-home
Takeaway statement from the above link...Did anyone know this???
RD