Nickel On Track To Equal Its Longest Losing Streak Since 2016
Nickel is set to match its longest monthly losing streak in more than two years because of a supply glut.
The commodity is on track to decline for the sixth straight month in November on the the London Metal Exchange. The last time nickel fell for six consecutive months was from October 2015 to March 2016.
This year, prices have tumbled more than 30 percent since the metal’s last peak in June, according to Bloomberg data. That eroded all the year’s gains and the commodity, largely used in production of high-grade steel, is down more than 12 percent year-to-date. The plunge was driven by excess supply after the Philippines, the second-largest producer of nickel ore, allowed miners to resume production after it was halted due to environmental concerns.
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