The nickel price on the London Metal Exchange was trading firmly above $18,500 per tonne during morning trading on Monday September 2 against a backdrop of a flurry of buying and cancelation of more than 20,500 tonnes of warrants.
The three-month nickel price started to rise strongly last week, climbing more than 9% from a low of $16,010 per tonne on August 29 to its highest in more than five years at an intraday high of $18,135 per tonne on August 30. It peaked this morning at $18,850 per tonne, with volumes topping the complex at around 4,500 lots as of 9:42am London time.But a flurry of cash buying in nickel has caused the metal's cash/three-month spread to flare out to its widest in more than...