The strong rally in Australia's mid-cap nickel miners since last week is a case of investors returning to less liquid and oversold stocks and not a reaction to the recent surge in the nickel prices where fundamentals are still poor.

Peter Harold, managing director of Panoramic Resources, stated:

Many of these stocks were sold down well past what's reasonable. Everybody was down to the level of cash backing, which was clearly ridiculous. Now that the market has warmed, it's clear that we have good assets that will run.

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