LME nickel untraded in Asia, awaiting fresh news on status of 1,000 tons of nickel on board beached ship MSC Napoli, says HK-based trader; 3-month nickel last at $37,150/ton vs overnight record high of $37,300. Adds traders may buy up nickel cash-to-3-month spreads in expectation those who own the nickel onboard ship need to cover, good borrowing on cash-to-3-month spread overnight indicates owners may be looking to cover; however, expects news on whether nickel shipments can be salvaged only to come out once London opens, traders in Asia unlikely to make play in case tonnage salvaged, which should ease tightness on nearby spreads.
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