Mark Selby #13 - Nickel Up To $7, Inventories Falling, Time To Invest?
Matthew Gordon, Ptolemy Capital
8 Months ago
Smarter investing with our weekly Nickel Market Insights with Mark Selby, Nickel Market Commentator and CEO of Canada Nickel Company (CNC). Stay up to date by listening to our weekly market roundup on Nickel.
What has unfolded in the world of nickel this week? Nickel was up to $7.15/lb today. This is another milestone on this rally and is yet another ween in which nickel has headed north. We are now rapidly approaching $16/t and there is clearly some momentum driving this growth. The main catalyst of this week was created by a private industry PMI in China, which demonstrated positive results. This is just the latest piece of bullish nickel-related news to come from the Chinese relation programme. Momentum traders have been pushed into nickel and all base metals are prospering right now. Nickel ore inventories have dropped at the time of the year when they need to be building up, just before the rainy season in the Philippines. This destruction of reserves will undoubtedly bolster the value proposition of nickel investment.
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