stocks of 160,000 tons is still very, very high historically. when nickel price peaked in 06 LME stocks were around 20,000 tons. nickel price is now about 40% of that peak price, but stocks are 8 times as high as when at peak price. so seems current nickel price is too high relevant to stocks? or maybe there is less correlation between stocks and price than used to be. if so, why?
