MARKET TALK: LME Nickel Heading Toward $54,500 - Standard

LME 3-month nickel last $51,600/ton, holding gain from Friday's 3.6% rally, fueled by supply-side concerns, including possible disruption to metal shipments through southern Australia's Esperance Port, whittling down of LME inventories by 7.7% last week to just 4,716 tons, about 2 day's global demand, plus technical buying. Standard Bank says piercing of $50,200 level reinforces view metal has momentum to head toward $54,500, particularly if decline in stocks continues.