The three-month nickel price on the London Metal Exchange closed at its highest since December 2014 on Thursday August 15, climbing to $16,250 per tonne amid renewed buying momentum, while a steady incline in tin futures led to its highest close since August 1.
Nickel began the day's trading below the nearby $16,000 per tonne resistance level, falling to an intraday low of $15,765 per tonne, before a strong bout of buying momentum took the metal above the mark. The price uptick comes against a broadly low trading volume count for nickel over the day, with just over 9,000 lots of nickel exchanged by the close, its lowest turnover since July 31. Meanwhile, cash-buying in nickel has prompted the metal's benchmark cash/three-month spread to tighten significantly, with the spread recently trading...