Stellar performance continues for LME 3-month nickel, last $37,150/ton, down $45 from late kerb close, which had metal up $1,195 on day, though down from another intraday record high. Supply squeeze continues, says Commonwealth Bank of Australia, with LME holding about a day's inventory, plus market facing strike at Sudbury mine, which provides 5% of global supply. "Extreme tightness in physical supply means no-one wants to be short and is willing to pay almost any price to get square," bank says in daily market review. However, bank says labor action at Sudbury only a potential strike; "The big run-up in prices suggests there might be a big fall if there isn't a strike," it warns.
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