The nickel price has rocketed to a four-year high on the London Metal Exchange during morning trading on Thursday April 19, alongside an ongoing surge in aluminium prices.
The three-month nickel price reached a high of $16,690 per tonne this morning, its highest since December 2014 after Wednesday recorded the largest intraday move for the metal's since 2009. Nickel's closing traded volume reached 23,000 on Wednesday, which is close to a record high of 25,000 lots recorded in November 2016. Volumes are considerably higher on Thursday morning, with 14,086 lots traded as of 9.50am London time. "It looks to be investor buying CTA momentum, which has broken up above resistance levels. Subsequently we now have an upward flurry of buying interest," Robin Bhar, head of metals research at Soci?(C)t?(C) G?(C)n?(C)rale, told Metal Bulletin. There are a number of factors that could be driving...