Nickel prices on the London Metal Exchange have been volatile throughout June, with macroeconomic-driven price dips clouding investor sentiment.
The three-month nickel price has fluctuated by $1,340 between a monthly low of $14,505 per tonne and the June high of $15,845 per tonne so far this month. Trade tensions and a strong dollar are weighing on nickel prices, while market participants are expecting a long-overdue technical price correction which could spur profit-taking. Equally contributing to price dips, the metal's cash/three-month spread is currently sitting in a contango of $76.50 per tonne, narrowing from $91c per tonne on June 25, the widest contango since October 2017. "In theory, a contango should mean sufficient supply in the short...