Macquarie recommends long nickel position

Apr 02, 2012 | 09:48 AM |

Macquarie Bank has recommended taking a long nickel position, saying the market has been oversold and that low prices may reduce Chinese nickel pig iron production in favour of imports. Three-month nickel traded at four-month lows last week, but managed to break back up through $18,000 per tonne on Monday April 2 and settled at $17,900/17,910 per tonne in official trading. “We think....

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