Nickel Prices Continue to Rise Adding to Price Movement in Stainless Steel

Nickel prices continue to rise and have reached a 5-year high. With a potential ban on Nickel exports from Indonesia, the world’s top nickel ore producer, nickel prices continue to soar and have reached a significant resistance level, just over $8. With such a meteoric rise in 2019, we can expect a likely pullback as $7 now provides a strong support level. However, with nickel trading over $8 currently and no real sign that world news may change, a drop all the way to the $7 support level is unlikely.  This rise in Nickel prices has provided stainless steel with a nice positive move and will carry stainless higher if Nickel can remain strong.