Nickel's three-month price on the London Metal Exchange rallied by around 3% after the close of trading on Wednesday August 7, reaching a year-to-date high of $15,500 per tonne in what market participants labelled a broadly technical move.
The metal's three-month price settled at $14,810 per tonne by the 5pm close on Wednesday, but was subject to a sudden bout of fresh buying at 5:30pm London time, climbing by some $700 per tonne on just 140 additional lots of trade.Nickel volumes traded came to 14,496 lots by the close, and at the time of writing were just above 14,650 lots."I think this was just a technical break above the $15,100 per tonne level. I'm struggling to find any fundamental news on this move," an LME floor trader told Fastmarkets."That [$15,100 per tonne] was a big level on the upside or us, and it has failed there a few times this week. It has ballooned upward and we'd put the support there for now. But let's see what the Asian markets do with it," the...