Nickel's three-month price on the London Metal Exchange was up by just under 3% at the close of trading on Tuesday March 5, with bullish sentiment emerging from robust fundamentals, while trade optimism continues to boost risk-appetite amid broad strength in the US dollar index.
The metal's three-month price has been the standout commodity across the complex, with its price action climbing over 5% in March. Nickel futures are also up by more than 23% since the start of the year, while total LME stocks remain at their lowest level since 2013.Total volumes traded in nickel over the day exceeded 10,000 lots, the most since March 1, when nickel volumes hit their highest level since September 2018 at close to 12,000 lots trading. This follows copper's 19,186 lots that lead the complex, while zinc and aluminium both exceeded 8,000 lots."LME nickel stocks totaled 196,410 tonnes on March 5, the lowest since June 2013. Currently 36.8% of stocks are on canceled warrant status, although an element of re-warranting has been seen recently," Fastmarkets analyst James Moore said in his...