Base metals prices on the London Metal Exchange were higher across the board during morning trading on Tuesday June 11, improving despite continued trade war uncertainty while both the United States and China continue to threaten additional tariffs.
Climbing furthest over the morning, three-month nickel futures are now trading 2% higher and back above $11,850 per tonne after falling to an intraday low of $11,646 per tonne. Aiding the uptick, a fresh cancelation of some 600 tonnes of full-plate cathodes were booked out of LME-registered warehouses in Rotterdam and Port Klang, with participants in the physical market indicating that there remains a shortage of full-plate material in East Asia. Meanwhile, nickel's cash/three-month spread has continued to ease over the May-June period, swinging from its widest backwardation...