MARKET TALK: LME Nickel Eyes Stock Data For Direction

Nickel will be strongly influenced by the release of London Metal Exchange stock data, with chronic tightness exacerbated by less than 3,000 metric tons in warehouses, a broker notes. LME stocks are just 2,982 tons with over 20% on canceled warrant, leaving just 2,364 tons available to the market. This is just 0.6 of a day's consumption. LME nickel trades last at $36,300/ton, up from $35,800/ton overnight.