[Ferro-Alloys.com]Friday, 2 Jan 2015, LME nickel price fell by USD269/T, with an intraday high at 15252 and low at 14820, closing at 14881, down 1.78%. The price was in a downtrend channel all day long. The price got near to the previous low at 14690, which is almost the 10-month low. The price right now is at a vital position where direction would be made.

 

LME nickel stock was 412704 tonnes on Dec 30, 2014 at a history high level. China’s PMI on Dec 2014 is 50.1, creating a 18-month low, adding the dramatic fall on iron ore prices and crude oil price, which could play a negative role on the nickel price. On the other hand, the short supply expectation on nickel supply in 2015 might make the current price a bottom. Meanwhile, a W-bottom on the day chart might be formed.

 

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