Nickel was the best performer on the London Metal Exchange at the close on Friday March 9, gaining more than 4%, with most of the complex ending the week on a high.
The three-month nickel price recovered by $570 per tonne after a large 27,244-tonne cancellation at LME-listed warehouses this morning."Nickel is still enjoying overall bullishness that has been in place since it recovered from its June 2017 low at $8,680 per tonne. It rallied by a stunning 66% to its 2018 high of $14,420 per tonne," Metal Bulletin analyst Andy Farida said. "Growth in the electric vehicle market is likely to support nickel; it received further support on Monday after Chinese Premier Li Keqiang said buyers should continue to enjoy tax subsidies and non-cash incentives," he added. The other base...