Base metals on the London Metal Exchange were mostly mixed at the close of trading on Monday May 14, with nickel's three-month price climbing 3% during the afternoon.
Breaking through previous resistance at $14,200 per tonne this morning, nickel reached a high of $14,520 per tonne during the afternoon once momentum took an upward shift. Staggered mine output across New Caledonia and Indonesia continues to contribute to the metal's broad consolidation above $14,000 per tonne.However, total mine output for nickel has risen 9.2% this year from last year, with increased production in China acting as another key component of the metal's positive supply outlook.The metal's widening cash/three-month spread is another indication of this, now in a contango of $69 per tonne. "The positive price move suggests buyers have returned to the nickel complex having spent most of last week in dull range-trading mode," Andy Farida, analyst...