MARKET TALK: Technical Profit Taking Weighs On LME Nickel

Technical profit-taking continues to weigh on LME nickel but there remains too much at stake for consumers to sit on the sidelines for too long, says a trader. "The selloff was to be expected," he notes, given nickel's 62% gains since the start of the year. Notes support down to around $40,000/ton, where bargain hunters are likely to emerge. LME nickel trades at $44,300/ton, down $200/ton overnight and -6% from Tuesday's high.