The three-month nickel price on the London Metal Exchange recovered $100 per tonne in morning trading on Friday March 9, supported by a large cancellation of stocks at LME-listed warehouses.
Some 29,244 tonnes of nickel was freshly cancelled - with the majority of it in Johor - which helped push the three-month price higher after two days of declines. "Nickel has a rather bullish fundamental backdrop with WBMS reporting a global refined nickel deficit at 102,000 tonnes in 2017. Another deficit in 2018 will mean less metal available for global consumption and this will help underpin its price action," Andy Farida, Metal Bulletin senior analyst, said. Once again, aluminium prices were trading sideways as the market mulls over US President Donald Trump's recent tariff announcements. Trump signed off on the blanket tariffs - 25% on steel imports,...