Like the rest of the base metals, nickel consolidated last week, initially dropping to$9,605/tonne from a recent high of $10,475/tonne, but prices held well above the $9,100-9,200/tonne lows and started to edge higher as the week progressed. The overall moodin the base metals markets remains bearish and last week’s poor manufacturing PMIdata highlights the weak background facing demand. The pull-back in nickel prices didhalt mid-week, helped by 54,690 tonnes of fresh warrant cancellations. The move hasalso tightened up the LME spreads, which may highlight a pick-up in short-covering.
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