Base metals on the London Metal Exchange recorded mixed figures at the close of trading on Wednesday May 16, with low volumes traded and broad consolidation in effect across the complex amid a surging dollar.
Climbing 0.3% during the afternoon, nickel's three-month price continues to find support above $14,000 per tonne, reaching a high of $14,635 per tonne today. Nickel's core support from the electric vehicle sector is buoying prices in positive territory, however; supply disruptions in the Philippines are at odds with resumed Indonesian production, skewing the metal's short-term price sentiment. Yet the metal's cash/three-month spread has widened to a contango of $80 per tonne, from $60b per tonne on Monday. Falling 0.4%, aluminium's three-month price continues to consolidate around $2,300 per tonne. The light metal's cash/three-month spread has moved from a backwardation of $2.50 per tonne earlier today, to $21.50b by the close. "The LME aluminum price is still consolidating after the steep...