HOTLINE: Nickel bears in London

Lord Copper hosted his annual lunch at the Oxford & Cambridge Club in London earlier this week, attended by a number of traders and brokers close to the nickel market.

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Lord Copper hosted his annual lunch at the Oxford & Cambridge Club in London earlier this week, attended by a number of traders and brokers close to the nickel market.

So what was the view in the room on nickel prices for 2016?

Eleven of those present made forecasts of the lowest point the official nickel cash settlement price on the London Metal Exchange will reach between the lunch and December 8, 2016.

The forecasts ranged from $5,500 on the low (almost $600 under the next-nearest forecast of $6,140) to $7,970 on the high, much closer to the next high call of $7,830.

Cash nickel settled at $8,580 that day: everyone in the room thought there was further room for the alloying metal to fall next year.

Read also: Nickel bears in Shanghai

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