The three-month nickel price on the London Metal Exchange continued its uptrend at the close of trading on Thursday August 8, cooling from an intraday high of $16,690 per tonne to close just short of $16,000 per tonne, while lead's continued rise saw its outright price close at more than $2,000 per tonne.
Nickel futures closed at $15,880 per tonne on Thursday afternoon, holding near their highest level since June 2018. More than 21,000 lots of nickel changed hands over the day, the most since April 2018.Yet the metal's price spike has failed to breach the levels achieved in April 2018, when concerns over sanctions against Russian nickel producer Norilsk led the commodity's three-month price to reach a similarly high level of $16,690 per tonne."There's quite clearly a flurry of panic in the nickel market, but the failure to...