MARKET TALK: LME Small Caps To Test Resistance S/T

LME small caps nickel, zinc, lead likely to test topside resistance short-term, as metals currently near to multi-year or all-time highs, thus favor momentum, chart-based trading, says JP Morgan. Notes these metals can draw additional support from "seasonal tailwinds" such as weaker USD outlook, spillover from precious metals; low stocks would continue to underpin high levels. LME 3-month nickel last at $33,750/ton, +$50 on London PM kerb; zinc at $4,295/ton, +$5; lead at $1,705/ton, down $3.