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jp morgan cautions against shorting lme nickel

  1. bwana
    5,512 Posts.
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    21/11/07
    20:57
    Post #: 3030534
    DJ MARKET TALK: JP Morgan Cautions Against Shorting LME Nickel


    0518 GMT [Dow Jones] JP Morgan's Michael Jansen advises against being short LME nickel as stainless steel fundamentals have been so poor in recent months they are bound to improve, while market has been building up shorts, so short-covering is expected at some stage. Expects nickel to hold support at $29,000-$30,000 near-term, but notes demand from stainless steel sector needs to pick up, LME nickel stocks need to start declining to trigger short-covering-led rally. LME 3-month nickel untraded in Asia, last bid at $30,025/ton, down $275 on PM kerb. (MWL)

    AGM Price at posting: 0.0¢ Sentiment: Buy Disclosure: Held
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