Nickel prices rebounded from a sharp fall in June, but slow demand and concerns about an impending sharp rise in output will exert downward presure, or at least limit upside prospects in the next month or two. The London Metal Exchange three-months nickel price was last indicated at $23,920 a tonne.
"We've got a situation of rising production and slowing stainless demand growth," said independent consultant Angus MacMillan. Against this backdrop, he said prices were more likely to move lower than higher.