The three-month nickel price on the London Metal Exchange tumbled 3% during morning trading on Tuesday January 14 after a sell-off of just under $600 brought the price below the $14,000 per tonne psychological support level.
The outright nickel price on the LME was recently at $13,720 per tonne, while trading volumes were high over the morning at more than 3,500 lots exchanged as of 9:15am London time. There was a fresh inflow of 4,404 tonnes of nickel - the bulk of which was sent into LME-registered warehouses in Singapore - but fresh cancellations of 5,478 tonnes offset the continued delivery of material. Since the start of January, more than 20,000 tonnes of nickel has been delivered into LME warehouses, while on-warrant material has climbed to...