Year-End Buying Sends Nickel Higher

Year-end buying sends Nickel higher: LME 3-month Nickel futures ended the week sharply higher, as bargain- hunting buying and thin trading conditions led to the day's gains. Continued strong demand, coupled with labor issues at a mine in New Caledonia, provided fundamental reasons for the recent price rise. LME warehouse stocks declined today, falling 258 metric tons to stand at 7,092 tons. Support for 3-month Nickel comes in at $32,300 with resistance found at 34,715. 3-month Nickel futures closed at $33,400 bid/$33,500 ask, up $1500. Read More....