Three-month base metals prices on the London Metal Exchange were little changed at the close of trading on Monday September 7, with trading volumes across the day thin because of the Labor Day national holiday in the United States, while LME nickel futures topped losses over the afternoon.
Nickel's outright price on the LME closed at $15,186 per tonne on Monday afternoon, dipping from an intraday high of $15,410 per tonne, while turnover was particularly thin at just under 4,000 lots exchanged by the close.Despite a wide forward curve, LME nickel's underlying price continued to trade in volatile swings above the $15,000-per-tonne support level, with strong demand from steelmaking and automotive production prompting steady buying, while ample availability of supply - and exchange stocks - has equally seen selling pressure emerge.LME nickel's...