Nickel's three-month price on the London Metal Exchange continued its upward momentum during morning trading on Thursday June 20, buoyed by a multi-year low in LME stocks.
The metal's futures price recently trded at $12,285 per tonne and has gained some $300 per tonne after trading below the nearby $12,000 per tonne support level on Wednesday. Meanwhile, nickel stocks on the LME continue to wear thin, largely due to consistent demand in stainless steel production and electric vehicle manufacturing. Now at a total of 169,086 tonnes - their lowest level since 2012 - participants continue to draw on the LME's inventory, with some 2,000 tonnes booked out of registered warehouses this morning. "Fueled by possibly misplaced optimism of further fiscal stimuli and possible...