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Was it another false dawn for the nickel market?
Last week’s rally to a five-month high of $13,350 per tonne on the London Metal Exchange has gone into sharp reverse. Nickel was trading back at $12,385 on Tuesday. The trigger for the price surge was concern that Brazilian producer Vale’s nickel operations would suffer some sort of knock-on effect from the devastating tailings collapse at the company’s Brumadinho iron ore mine.
Such fears have proved unfounded. So far.
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