Some in the European market have highlighted the emerging signs of strengthening fundamentals off the exchange, and eagerly await a rebound.
Here, we take a look at the opposing views on fundamentals in the nickel market.
The bearish tone
felt across the market of late is largely the result of the huge LME nickel stocks currently sitting at more than 450,000 tonnes, despite several recent drawdowns.
Concerns about the Chinese construction sector are also weighing on the market.
A lot also depends on credit conditions in China, as tighter credit lines will limit investment in infrastructure and property.
This morning, nickel prices plunged to $10,795 per tonne on a three-month basis during the traditionally quiet Asian hours this morning, and traded...