The London Metal Exchange three-month nickel price climbed up by 0.6% during morning trading on Friday September 27 to trade around $17,330 per tonne.
Although the nickel price has consistently waxed and waned over the week, it remains well supported above $17,000 per tonne despite a 1,134-tonne inflow into the LME warehouse on the same day.The inflow, thought to be material delivered from China to the LME on spread backwardations and a negative arbitrage, was tempered by a lesser outflow of 270 tonnes and a fresh cancelation of 4,614 tonnes over the same period. The cash/three-month spread is currently trading in a $130-per-tonne backwardation, tighter than the $115-per-tonne backwardation the day before.On-warrant stocks have ticked higher, up by...