The three-month price of nickel on the London Metal Exchange was slightly higher at the close of trading on Thursday September 17, gathering momentum above the $15,000-per-tonne threshold despite continued selling pressure over the day.
Meanwhile, a steady uptick in LME copper futures came at the cost of tighter forward spreads.Nickel's outright price on the LME closed at $15,084 per tonne on Thursday afternoon, climbing back from an intraday low of $14,855 per tonne, while turnover was moderate at just over 7,800 lots exchanged by the 5pm London close.Forward buying in LME nickel futures was facilitated by a firm contango across the metal's front months, with the metal's benchmark cash/three-month spread recently trading in a...