LME nickel recovers from overnight fall but under pressure from hefty stock additions, concerns for substitution among stainless steel producers such as Posco, says Barclays Capital. LME nickel stock up 504 tons to 8,460 tons. LME nickel stocks at critical levels have been key driver in near-term direction, sentiment, especially in light of emerging oversupply in US, European stainless steel markets, expanding Chinese low-nickel pig iron output. But given recent rise in LME nickel stocks and softer demand side reflected in moderating stainless steel activity, increased Chinese output of low-nickel pig iron output, nickel prices won't be able to ingore changed market fundamentals for long, says Barcap. Expects future downside risk to prices, especially in 2H. LME 3-month nickel last trades at $46,490/ton, up $340 vs Tuesday PM kerb.
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