The three-month nickel price on the London Metal Exchange moved higher during morning trading on Monday October 7, with prices buoyed by a continued draw on the exchange's falling inventory.
Nickel's outright price was recently seen trading at $17,775 per tonne, edging closer to the $18,000-per-tonne resistance level, a price not seen since September 13. Volumes traded were particularly thin over the morning - largely due to national holidays in China - with nickel trading just 600 lots as of 9:10am London time. Meanwhile, market participants seeking to purchase nickel futures must factor in the metal's tight forward curve, with the metal's cash/three-month spread recently trading...