LME nickel still bound to "head for the stars" but investors show some concern on short-term price moves if stocks go up strongly, says Standard Bank. LME stocks currently at 3,426 tons, less than one day of global consumption; longer-term concerns over use of low-grade nickel pig iron in China may lead to enhanced substitution, especially given current high prices. High prices could also fuel nickel destocking at stainless steel producers. LME 3-month nickel last at $42,800/ton, down $45 vs PM kerb.
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