The three-month price of nickel on the London Metal Exchange continued to rise on Friday July 12, being up by 2.6% day-on-day at the close of trading to $13,470 per tonne.
Nickel has outperformed the other base metals to finish the week up by 7.9% to its highest recorded level since August 2018. It continues to return toward the year-to-date peak of $13,765 per tonne it set on March 6.Market participants were uncertain whether the price movement was sparked by fundamentals or was merely precipitated by positive short-term macro-economic factors, with Japan's Sumitomo Mining & Metal breaking the news on Friday of...