Base metals are on the rise after a series of positive announcements over the week has brought new optimism to China's property sector. On Thursday, Nickel paced gains by most industrial metals on the London Metal Exchange, rising 2.5%. As shown below, spot prices for Nickel are moving higher as inventories continue to shrink, pointing to mounting supply tightness.
"Nickel now looks to be the new game in town with stocks falling daily," Malcolm Freeman, a director at Kingdom Futures, wrote in a note. "For now the bullish mood…Industrial Metals Rise As China’s Property Market Bounces Back
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