The three-month nickel price on the LME was higher during morning trade on Tuesday October 6, despite thin turnover, while the fresh cancellation of nearly 70,000 tonnes of aluminium failed to push the light metal's price above nearby resistance.
Nickel's outright price on the London Metal Exchange was recently seen at $14,690 per tonne, climbing more than 1% from Monday's closing price of $14,644 per tonne, while turnover was minimal with just under 1,200 lots exchanged as of 10:10am London time. The metal's forward curve continues to trade in a contango, supporting steady buying, with LME nickel's benchmark cash/three-month spread recently trading in a $39-per-tonne contango.Despite the absence of Chinese volumes this week due to the Golden Week...