The three-month nickel price traded on the London Metal Exchange continues to languish below $15,000 per tonne at the close on Tuesday November 19 while fresh inflows continue to pressure nickel futures.
LME nickel stocks have fallen by 60% in just over two months to 66,174 tonnes from 166,680 tonnes on September 12 but the LME three-month nickel price has been on a general downtrend over the same period, closing at $14,680 per tonne on Tuesday November 19, down 1.1% from the previous day's $14,845 per tonne. Consistent drawdowns initially started amid a flurry of short-covering, which led to significantly depleted stocks while participants short of nearby spreads were forced to take delivery of material...