Ref Reuter/basemetals
LME nickel CMNI3, up 0.6 percent to $8,400 a tonne, was the top performer in base metals this week with a bounce back of more than 7 percent as China buyers sought to import more metal to put on financing deals after prices were heavily sold over Lunar New Year.
As I mentioned in a previous post $9000-10000/tn will increase the spotlight aiming straight at Axiom.
The bottom looks like already formed for copper with upward pressure in the last 2 weeks. Hedging and shorts being covered with the spot market looking for a bounce from an oversold position. Nickel has the characteristics from past data to bounce harder than other base metal.
cheers
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