The three-month nickel price on the London Metal Exchange staged a modest recovery at the close of trading on Friday November 8, settling back above nearby resistance after slipping below key resistance levels, while tin futures topped the gains with a 1% climb.
Nickel's outright price on the LME closed at $16.190 per tonne on Friday afternoon, climbing more than 2% from an intraday low of $15,845 per tonne - its lowest level since August 28. Traded volumes of the metal were limited during the afternoon, with around 8,400 lots exchanged by the close.Forward spreads in nickel remain supportive of business, and continue to facilitate dip-buying opportunities, with financing conditions supported by a cash/three-month spread recently seen in...