Daily Nickel at 2019-06-13

Nickel closed Wednesdays(2019-06-13) trading session at $5.37/Ib  Indicators at 6: 20 am CST today show nickel trading around 5.05/b higher Stockpiles of nickel stored in LME licensed warehouses fell on Wednesday and started today just over the 163, 700 tonne level. Nickel is getting a boost from some actual supply and demand news this morning. although the effect was tempered by a report. Pig nickel production in Indonesia is being adversely affected by serious flooding in Indonesia this week, while a report issued by a respected metals analyst. Wood Mackenzie analyst Andrew Mitchell stated that nickel supply and demand would be fairly balanced for the reminder of the year, with a $5.58/b price prediction for the year. When the Indonesia news hit markets, nickel spiked to just over the $12, 000/tonne level again, but has slipped back under since. Technically, or psychologically. Thes12, 000 tonne level is offering some resistance to traders. This is our final update for the week, so we hope each of you has a safe and relaxing weekend and invite you to stop by next week as we follow the nickel industry and other factors affecting stainless steel markets.