The three-month nickel price on the London Metal Exchange was higher during morning trading on Friday October 4, with continued outflows and fresh cancelations in LME stocks buoying price action, while copper continues to drift below nearby resistance levels.
Nickel's outright price was recently trading at $17,775 per tonne - its highest level since September 20 - against just 1,500 lots exchanged as of 9:25am London time. Nickel stocks on the LME continue to trend lower amid outflows and fresh cancelations, which prompted higher price movement, with some 7,776 tonnes leaving LME-registered warehouses in Asia and Europe this morning and another 2,058 tonnes freshly canceled across multiple locations. This comes against continued tightness in the...