Nickel's three-month price on the London Metal Exchange was higher at the close of trading on Thursday June 20, settling at its highest level since May 24, while the rest of the complex was buoyed by dollar weakness and strong figures from the United States labor market.
The metal's three-month price reached an intraday high of $12,390 per tonne, closing at $12,300 per tonne while total volumes traded breached 11,500 lots, just behind copper's 17,000 lots and 15,000 lots traded in aluminium. Meanwhile, this afternoon's LME banding report showed one dominant long holder of 5-9% of July nickel spreads, with another two long positions now at 10-19%. As a result, nickel's nearby cash/July spreads are slightly tighter than the forward cash/three-month, with the...