The London Metal Exchange three-month nickel price rose by 1.4% to close at $17,475 per tonne on Wednesday October 2 from $17,220 per tonne the previous day.
The three-month nickel price has been buoyed by a 5,802 tonne outflow from LME approved warehouses recorded on the same day alongside a 2,964 tonne fresh cancelation. Sentiment was buoyant despite a paltry 3,774 lots changing hands by close of trade. LME nickel stocks have declined sharply of late, down by 6% to 147,684 tonne from 157,986 tonnes on September 26, despite a persistent spread backwardation, which would be expected...