LME nickel's technical charts "very bearish" after 3-month contract lost 11.5% last week, fundamentals weakening, says JP Morgan. Adds increase in LME stocks last week dampening sentiment, though stocks still just more than 1 day of consumption. Notes if LME stocks reverse last week's pattern, begin to decline again, nearby contracts may resume uptrend, but forward contracts likely to be pressured as prices have limited upside potential in medium term; high cost of nickel destroying demand, operating margins for nickel producers near 300%, commercial and macro investors looking to sell forward contracts on expectations of lower prices. LME 3-month nickel last quoted at $42,199/ton, +$4 on London Friday PM kerb, untraded in Asia.
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