The three-month nickel price on the London Metal Exchange was lower at the close of trading on Thursday January 6, with price action holding above the nearby $13,000-per-tonne support level against a seven-day low in daily trading volumes, while zinc futures similarly held ground.
Nickel's outright price on the LME settled at $13,060 per tonne this afternoon, with turnover low at just over 5,400 lots exchanged by the close, a drop of just over 1% from Wednesday February 5's closing price of $13,210 per tonne. Despite selling pressure, however, LME nickel reached an intraday high of $13,310 per tonne this afternoon, with the metal now keeping firmly above the $13,000-per-tonne support level. Meanwhile, forward spreads in nickel continue to support the...