Spot buying has been limited in 2011 so far but this is not generally interpreted as a negative sign as many customers have only just returned to work after the Christmas holidays. Most producers and traders report some light buying activity in early January but expect to see a much greater number of consumers return to the market for material in the second half of the month. True, the persistence of a high LME nickel price is deterring some customers from placing orders, especially the Chinese, but in most cases the lack of buying interest reflects the fact that the majority of consumers are already covered for their January requirements and will not be buying for February until later this month.
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