MARKET TALK: LME Nickel Underpinned By Supply Concerns

LME nickel is holding just below recent all-time highs as ongoing supply worries and decreasing stockpiles underpin the market's "relentless bullish sentiment," a LME trader says. "Profit-taking at current highs is possible but unless the LME stock situation improves, nickel is set for further gains," he notes. LME nickel inventories are less than one day's global consumption at 3,426 tons. LME nickel is last at $42,550 a metric ton, down 2% from Thursday's high, but up 9% on the week.