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Zinc vulnerable to increase in inventory, Nickel to post modest gains

Posted on 10 March 2014

The rally in zinc and nickel was driven by a combination of short covering and fresh positioning, according to Barclays. Short covering in particular was triggered following the breach of technical levels, especially at $15,000 per ton for nickel. LME open interest data have been rising,which also illustrates a rise in fresh positioning, with new longs being added by discretionary investors.
Barclays expects zinc prices to be vulnerable to increase in LME stocks if the large short position in the March contract is physically delivered against. For nickel, it expects modest uptick in prices, the risk/reward of fresh longs at current levels is unattractive………………………………………..Full Article: Source


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