[Ferro-Alloys.com]The LME nickel prices continued to fall last week, which has brought the price back to March this year, with high at $16,645/mt and low at $15,340/mt, closing at $15,695/mt, down 4.42%. The prices dipped sharply on Wednesday and Thursday, creating a brand new low for seven months at $15,340/mt. The prices declined further despite the coming Monsoon in Philippines. This might be a sign for a further downtrend for the prices. Investors chose to sell rather than to buy under this circumstance implyingthe bear market for nickel may most probably continue. Stainless steel industry has remained low for a long time, as 65% of the nickel is used to manufacture stainless steel, so it is irrational for the growth of nickel price.

 

On the day chart, the price just broke the down channel which would drag the price down further. On the week chart, the price broke the MA100 downward. The prices dropped by $4,600/mt from the high on Sept. 8 to the low on Oct. 16, down 23% within 40 days, so a rebound might be seen in the rest of October.

 

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