The three-month nickel price on the London Metal Exchange was higher at the close of trading on Monday October 5, climbing firmly above nearby resistance at $14,600 per tonne despite the complex-wide absence of Asian trading volumes.
A similar upsurge saw LME tin futures close above the $18,000-per-tonne threshold for the first time in a fortnight.Nickel's outright price on the LME closed at $14,644 per tonne on Monday afternoon, climbing from an intraday low of $14,240 per tonne, against minimal tonnage over the day at some 4,300 lots exchanged by the 5pm close.Upward price movement in LME nickel gathered pace over the afternoon, with buying momentum supported by wide forward spreads, with the metal's benchmark cash/three-month spread recently trading in a $39.50 per tonne contango.Further bolstering...