The conventional wisdom holds that the trade disagreements between the USA and China are going to lead to low GDP growth, and perhaps even a mini-recession in early 2020. That belief makes some sense, since tariffs are proven to be a hindrance on economic activity. But what if the belief is oversubscribed? That seems to be the case with this week’s chart, which looks at the inventory levels of nickel in the London Metals Exchange warehouses. Warehouse stocks peaked at 470,000 metric tonnes back in 2015, and now they are down to just 67,000 tonnes. That is another way of saying that nickel producers think that the ... (full story)