The monthly Stainless MMI® registered a value of 85 in April, an increase of 4.9 percent from 81 in March.
The 3-month price of nickel on the LME recorded a new year high after closing on Friday at $16,570 per metric ton.
Nickel surged 19 percent since the start of the year, clearly outperforming the rest of the industrial metals, which seem not able to turn up. It seems that Indonesia’s export ban is raising interest in the metal, pushing prices up. This recent upward turn is a near-term bullish signal, especially after a 6-month period of low volatility (market uncertainty).