Most futures prices on the London Metal Exchange saw a bounce at the close on Thursday April 8, following the retreat of the US Dollar Index.
Nickel's three-month price resumed its upward trajectory on Thursday, reaching an intraday high of $16,875 per tonne - its highest level since early March. The metal closed at $16,828 per tonne, a 1.1% increase on its Wednesday reading of $16,636 per tonne. On April 1, prior to the Easter bank holiday, nickel closed at $16,214 per tonne, and open interest has fallen every day since then (down 0.5% on Thursday and down 1.3% since April 1), suggesting that an element of short-covering has brought the price to its current levels. "The higher prices should...