The three-month price of nickel on the London Metal Exchange was the base metals complex's standout performer on Tuesday August 4, closing above the psychological level of $14,100 per tonne for the first time since January in a 1.2% rally from the previous day's close.
Nickel's LME three-month price spanned a wide $270 per tonne intra-day range, hitting a high of $14,135 per tonne before closing at $14,113 per tonne, its highest since January 10, when it closed at $14,230 per tonne.The run-up in nickel futures was contrary to the metal's fundamental picture, however, with many analysts thinking that a consolidation was on the horizon while downside risk made it a good time for a technical pullback, after its recent bull run.Analysts broadly considered that panic-buying and short-covering activity in the nickel market incited the upward...