A snap shot update on the resource sector: Nickel
There has been a steady recovery in the nickel price since the first of April 2016.
The price of nickel has risen from US$3.76, US$8422 per ton to US$4.14 $US9273 per ton and the stock pile has continued to fall and is now sitting at 424,212 tons.
This brings the stock pile down from a peak of 470,000 tons 11 months ago which is a bit about 4,200 per month.
In A$ at US$.76 the price is about $12,200 per ton.
There is still some way to go, but we are moving in the right direction at last as long as it is sustained.
We will know if this is the start of a long recovery or just a brief spurt that falls back in a couple of months as it needs to show a period of sustained growth for a good three months to establish it as a new trend.
