The three-month nickel price on the London Metal Exchange was lower at the close of trading on Thursday January 16, falling by more than 3.5% to settle below nearby resistance, while a steady upswing in tin's outright price saw it close at a six-month high.
Nickel's outright price on the LME closed at $13,775 per tonne on Thursday afternoon, losing more than $650 per tonne from an intraday high of $14,435 per tonne, while daily trading volumes were moderate at some 8,600 lots exchanged by the close.Since the start of January, nickel futures have been volatile, trading either side of the $14,000 per tonne threshold, while LME stocks have been subject to both inflows and fresh cancelations.In addition, open interest in LME nickel over January has declined from 365,365 positions at the start of the year, to their current level of 348,998...