MARKET TALK: LME Nickel Overbought, May Consolidate -Standard

LME nickel poised for consolidation short-term after hitting another record high overnight, technicals now suggest metal's overbought, says Standard Bank. LME 3-month nickel untraded in Asia, +$200 on London PM kerb in NY trade at $47,300/ton; closed 5.35% higher in London at $47,100 on back of strong on copper, other metals, 3.2% drop in LME nickel stocks; touched intraday record high of $47,890. However, relative strength index above 70 at 75.15, overbought index above 80 at 100.