The three-month nickel price on the LME was lower during morning trading on Thursday March 12, selling-off some 2.4% of its outright price against broad macroeconomic risk-aversion, while a fresh rewarranting of some 16,656 tonnes added downward pressure.
Nickel's underlying price on the London Metal Exchange was recently seen at $12,115 per tonne, a drop of more than 2% against Wednesday's closing price of $12,420 per tonne. Turnover in nickel was moderate, however, with more than 5,000 lots exchanged as of 9:15am London time. Meanwhile, this morning's 16,656-tonne rewarranting took place in mixed locations, with just under 12,000 tonnes placed back on-warrant in LME-registered warehouses in Singapore, while just over 4,000 tonnes were rewarranted in Johor, Malaysia, and 726 tonnes in Kaohsiung in Taiwan. While the bulk of the rewarranted cargoes were bagged...