MARKET TALK: Nickel May Break $50,000;Steel Mkt Demand Robust

LME 3-month nickel rally to $50,000/ton possible as no bearish fundamental news expected to reverse its upwards trend in medium term, says National Australia Bank economist Gerard Burg. Strong demand from stainless steel sector due to low inventories expected to continue, while substitution by consumers limited. "With so little (stocks to) cover and no rapid supply response possible, that barrier at $50,000 shouldn't be a problem." LME 3-month nickel last traded at $43,600/ton, +$25 on London PM kerb, off $1,150 from overnight record high of $44,750.