MARKET TALK: LME Nickel At New High As Funds Cover Shorts

LME nickel is at a fresh high of $35,000 a metric ton as fund short covering and fresh buying trigger stops, a broker says. Ongoing supply-side worries amid strong demand from the stainless steel sector have meant attempts to sell the market lower earlier this week failed, the broker adds. LME nickel trades at $35,000/ton, up from $34,650/ton overnight and a 7% rise on the week.