The London Metal Exchange three-month nickel price declined in the morning on Tuesday June 9, with its price falling from a morning low of $13,100 per tonne, while a sizable delivery of 10,000 tonnes of zinc ingots into LME-registered warehouses pressured the galvanizing metal's underlying price.
LME nickel's outright price was recently at $12,880 per tonne, down by over $200 per tonne from a spike beyond the $13,000-per-tonne resistance level - a level not breached since February. Turnover was moderate in nickel over the morning at just under 2,000 lots as of 9:45am London time, while open interest in LME nickel fell by 1,190 positions overnight to a total of 293,973 total positions. The metal's forward spread continues to trade in the widest...