The three-month nickel price on the London Metal Exchange was lower at the close of trading on Friday February 21, closing at its lowest level since June 2019 against thin turnover, while lead futures failed to hold onto gains made earlier in the day.
Nickel's outright price on the LME closed at $12,530 per tonne in the afternoon, ending a weekly price decline that saw it sink from a high of $13,210 per tonne on February 17, while daily trading for the metal was below 7,500 lots per day - with some 5,839 lots exchanged by Friday's 5pm close.Yet despite the steady decline over the week, LME nickel has established support at the $12,500 per tonne level, staying above that through the week, while the price remained under pressure from a continued increase in LME stocks.Total LME nickel inventories now stand at 224,700 tonnes, while on-warrant material has climbed...