Sentiment remained bearish for nickel last week, with prices falling back to $9,215/tonne at one stage. However, some short-covering did emerge on Friday on theback of a global recovery in equities and on some robust US and EU data. Pricesended last week at $10,060/tonne, up 9.2% from the lows earlier in the week. Buteven with the rebound, the market remains extremely oversold and sentimentseems overly bearish for nickel. Admittedly, LME stocks are high and that seemsto be at the front of traders’ minds, along with the economic slowdown in China.
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