Base metals on the London Metal Exchange made a notable recovery from recent lulls at the close of trading on Monday July 9, led by a 1.9% price surge in nickel and aluminium prices.
Edging back over $14,000 per tonne throughout the day, nickel prices reached a daily high of $14,240 per tonne after closing at their lowest point since May 10 on Friday.The metal experienced a sharp sell-off last week, while supply drawdowns and strong demand continue to influence both positive and negative price shifts. "All in all, there is little in the way of meaningful change in nickel's fundamentals. Investors continue to position themselves for increased nickel consumption emanating from the [electric vehicle] sector and stocks are heading in the right direction against an ongoing structural deficit," INTL FCStone analyst Edward Meir said in his latest month report. "But having said that, nickel could fall...