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Nickel has a strong fundamental story and I think the view of investors was that after a near $2,000 pull-back, it was approaching territory that, irrespective of that macro noise, was an attractive entry point, this was in particular for the Chinese investor base, where many are hard-core nickel bulls.
Aluminium tops the list in terms of potential and much needed production cuts in the Western world. Also in the zinc market, we're seeing zinc mine production growing at the fastest pace in several years, given the positioning in base metals, which have swung firmly to short side, if you do see some significant production cut announcements, that could be a trigger for some short covering.
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