NewsSignals AI analysis·Reuters·
Nickel retreats as traders await clarity on potential coordinated output cuts
Grade Bbearish AI signal$NICKEL
Nickel prices fell on Friday as traders questioned whether Chinese producers would follow through on proposed output cuts at their Indonesian operations, with LME nickel dropping 1.15% to $15,935 per metric ton.
Producers are considering cutting mixed hydroxide precipitate output by 50% and nickel pig iron production by 20%, but no final decision has been reached, while elevated inventories and weak demand continue to weigh on the market.
Nickel could remain under pressure unless concrete production cuts tighten supply enough to offset high stockpiles and subdued demand.
Bullish strength: 35/100
- Proposed cuts of 50% in mixed hydroxide precipitate output and 20% in nickel pig iron production could reduce supply if implemented.
Bearish strength: 65/100
- LME nickel fell 1.15% to $15,935 per metric ton.
- SHFE nickel closed 1.53% lower at 120,300 yuan per ton.
- High inventories and weak demand are limiting the price rebound.
- The International Nickel Study Group forecast a small global surplus for the year.
This is automated NewsSignals analysis of third-party reporting, not independent original reporting or investment advice. AI scores are not price predictions.