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Don't Look to Nickel for Where Some Stocks Go -- Market Talk

30 May 2018 4:49 am

0449 GMT - Nickel prices have typically led stainless-steel equities, but that relationship has broken down as the metal--up 40% since October--has been supported by optimism regarding electric vehicle. Conversely, says Citi, European stainless-steel stocks have fallen some 15% on average on concerns about overproduction. ​"Hence what had historically been a good leading indicator of stainless-steel prices has stopped working." With the EV theme expected to persist, "this dichotomy between nickel prices and stainless-steel stocks is likely to continue." (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

(END) Dow Jones Newswires

May 30, 2018 00:49 ET (04:49 GMT)

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