The nickel price closed down more than 1.6% on the London Metal Exchange on Tuesday December 17, seemingly succumbing to inventory pressure.
The three-month price ended at $13,960 per tonne after stocks in LME-listed warehouses rose by another 6,090 tonnes.The contango in the benchmark cash/three-month spread widened to $61 per tonne this afternoon from $41.25 per tonne earlier today and $57 per tonne on Monday.A backwardation that has opened up in the three-month/March spread moved out as far as $5 per tonne before narrowing to a slim...