Nickel’s three-month price, which reached $20,110 per tonne on Monday – the mosthighest level since May 2014 – was under selling pressure on Tuesday and fell by 3.77% to $19,352 at the 5pm close from the previous day’s multi-year high. Monday's closing price also failed to hold near the milestone, coming to $19,493 per tonne.
“Without a close above the psychological price level of $20,000 per tonne [on Monday], the bullish momentum appears to have been capped. This could very well suggest that nickel has achieved a near-term top and the bullish run may have run its course,” Fastmarkets analyst...
