The three-month nickel price on the London Metal Exchange closed higher on Monday September 2, just above the $18,000 per tonne level, despite losing 4% of morning gains, while tin's outright price also failed to maintain upward momentum.
Volumes traded in nickel topped the complex over the afternoon, with just under 15,000 lots changing hands by the close, while turnover in tin reached 900 lots by the close, the most since July 2, when more than 1,000 lots traded. Yet despite a significant downturn during afternoon trading from an intraday high of $18,850 per tonne, three-month nickel futures continued to trade at elevated levels throughout the day, closing above $18,000 for the first time since September 2014 at $18,060 per tonne. Supporting the price uptick, some 20,500 tonnes was booked out of LME-registered warehouses in Asia this morning,...