The three-month nickel price on the London Metal Exchange was the standout performer during morning trading on Thursday October 8, with hopes of an impending US stimulus package supporting the complex, while a fresh cancellation of 260 tonnes kept LME tin futures firmly above $18,000 per tonne.
Nickel's underlying price on the LME was recently trading at $14,760 per tonne, climbing just over 1.5% from a morning low of $14,525 per tonne, while turnover was minimal at just over 1,200 lots exchanged as of 9:40am London time. Forward buying over the morning period was supported by a steady contango in LME nickel's forward curve, with the metal's benchmark cash/three-month spread recently trading in a $43 per tonne contango. Anticipation of a US stimulus package continues to shore up commodity markets in recent weeks, despite...