MARKET TALK: LME Nickel Underpinned By Falling Stocks

London Metal Exchange nickel prices remain underpinned by critically tight conditions as stocks dwindle to 306 metric tons to leave inventories at 3,972 tons, a broker says. And with canceled warrants at 1,542 tons this leaves just 2,430 tons available to the market, he adds. This is a mere 0.6 of a day's global consumption, the broker notes. LME nickel trades last at $36,400/ton, up from $35,900/ton overnight, with cash trading in a backwardation of $2,750/ton.