MARKET TALK: LME Nickel May Retreat To 30-Day MA $41,000

LME 3-month nickel may retreat to 30-day moving average $41,000 short-term, as rising stocks at LME warehouses, profit-taking by large hedge fund should pressure nickel, says Tokyo-based trader at major Japan house. LME 3-month nickel last at $45,500/ton, +$350 on London PM kerb after rebounding $1,295 overnight; trader attributes overnight jump to spillover gains from copper, zinc which strengthened sentiment. Adds, China's major nickel producer Jinchuan may be delivering stocks against its short positions.