Sometimes you get these funny little bumps in the road that completely contradict what’s has gone before and what ultimately happens in the future. This development, however, doesn’t look like that to me. With demand softening due to Trump’s trade war and supply coming out of Indonesia increasing it looks more like a fundamental market shift.
The nickel market is pretty difficult to read right now, there being so many things pulling in different directions. The month of May might well turn out to be an anomaly we will just have to wait and see.