Nickel prices look to be embarking on a long-overdue correction, says analyst Will Adams of BaseMetals.com, which may spill over into the other base metals. "That said, a nickel-induced selloff is likely to run into support as scale down buyers take advantage to accumulate metals and remaining speculative shorts may well cover into weakness." Notes prices look set to fall back to around $42,850/ton. "Although given the rises of late a drop to $39,000/ton would not be surprising." LME three-month nickel was trading last at $44,400/ton.
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