MARKET TALK: Nickel May Hold Above $31,000; LME Peers Key

LME nickel steady after breaking technical supports overnight, firming up as other base metals trade sideways, says HK-based trader. LME 3-month nickel last at $31,401/ton, +$1 vs PM kerb, and should hold above next technical support at 100-day MA just below $31,000 if other base metals consolidate at current levels on consumer buying after recent losses. However, nickel remains vulnerable to more selling pressure if LME stocks rise again, re-balancing of DJ-AIG index this week.