Little heed is being paid to the rather calamitous rout that copper has experienced in the past week, as nickel has continued to head onward and upwards. Last week we cautioned that a period of consolidation at around $15,000/tonne would have held nickel in good stead, and we maintain this view believing that the approach to $16,000/ tonne has been a little bit too much too soon. Comparable run ups in the past year have been followed by relatively abrupt sell offs.
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