The three-month nickel price on the LME was trading at its highest level in more than a month on Monday April 20, while a large inflow of some 46,275 tonnes of primary aluminium put pressure on the light metal's underlying price.
Nickel's outright price on the London Metal Exchange was recently seen at $12,405 per tonne, up by just over 2.8% from Friday's closing price of $12,042 per tonne, while turnover was high with about 4,500 lots exchanged as of 9:50am London time.Yet LME nickel futures have fallen from a 2020-high of $14,435 per tonne on January 16, with total LME on-warrant material now sitting at 176,046 tonnes, up from just 43,700 tonnes at the start of December 2019. Meanwhile, strong buying in...