The $1,800 barrier was not to be broken however, as Chinese selling and stale bull
liquidation during the afternoon brought the price down to a $1,787 close.
NICKEL: Having banged its head against strong overhead resistance at $7,350 last Monday, nickel encountered sizeable stale bull
liquidation later joined by fund selling.
This market started nervously at the beginning of the week with some stale bull
liquidation seen on Monday.
Wednesday saw consumer trade and merchant buying take the three-month price to a high of $7,880 at which level stale bull
Zinc: Another disappointing performance by this metal, with early strength to a week's high of $1,044 on Tuesday being halted by stale bull
liquidation which eventually produced a week's low of $1,015 on Thursday.
Last week did see some stale bull
liquidation as the market failed to re-establish itself over the $1,100 level.
There is now no ``overhang'' of stale bulls
keen to get out but afraid the price would collapse if they tried to sell.
have been getting out and fresh support has not yet appeared.
Jeremy Batstone, of NatWest Stockbrokers, says: 'Many shareholders in Marconi are stale bulls
. They paid pounds 5, pounds 6, pounds 9 a share - and buy at pounds 1 today to average down the purchase price.