NICKEL PRICES RALLIED strongly following the end of the last quarter, rising some 30% during the first half of April. According to Macquarie Research, this run had taken many by surprise as the main end use markets of the base metal (especially in stainless , which accounts for around 65% of total desteelmand) had - on the whole - remained bleak. Also, there was still a feeling that "massive excess capacity and unsold stock hangs over the market".
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