The nickel price rallied to a new year-to-date high in the morning of Monday December 14 on the London Metals Exchange, spurred by positive forecasts for electric vehicle sales in China and the approval of the Pfizer-BioNTech Covid-19 vaccine in the United States.
Nickel's three-month price touched a new 2020 high during early trading of $17,780 per tonne, overtaking the previous year-to-date high that it hit on Friday December 11 of $17,660 per tonne. At 9:05am on Monday, the price had retreated to $17,545 per tonne - nevertheless it was still 1.5% higher than Friday's 5pm closing price of $17,284 per tonne. The bounce-back in nickel's price is akin to that of the rest of the complex, which on Friday had a collective dip after a week of rallying to new year-to-date peaks. This was before the US Food and Drugs Administration approved...