MARKET TALK: LME Nickel Ticks Higher; Dec High Eyed

LME nickel prices tick higher in Asian trade, with a widening cash-to-three-month spread at $1,351/ton from $700 since start of year, indicating a tightly supplied market, says Investec. LME nickel stocks fall yesterday, down 156 tons to 6,300 tons but only 4,398 tons available for delivery given canceled warrants at 30.19%. Nickel's rebound triggers technical buying momentum that could result in prices "easily" eclipsing December's record high at $34,950/ton. LME 3-month nickel trades at $33,650/ton, up $200 on yesterday's PM kerb.