Nickel prices are up more than 4% today which takes the rally close to 50% for the year (!) as investors are afraid that Indonesia will introduce a proposed ban on exports starting from 2022. Nickel is increasingly used in batteries in automotive industry so a ban would obviously constrain global supplies. Nickel price is moving closer to 2018 high of $16580 with the next resistance at $18600.
Morning wrap: Wall Street and precious metals attempt to stabilize as oil gains nearly 2%
Daily summary: Wall Street recovers losses despite a surge in yields 🗽 Gold and silver retreat
Large decline in crude inventories 🛢️📉
📉 Gold loses 1.7%