The three-month nickel price on the London Metal Exchange rose by 1.8% during morning trading on Monday September 23 after more than 19,000 tonnes of material was freshly canceled out of LME-listed warehouses.
The nickel futures price recently traded at $17,690 per tonne, rising from Friday's closing price of $17,455 per tonne. One driver of the uptick was the fresh cancellation of 19,650 tonnes of nickel across multiple locations this morning, the bulk of which took place in Johor and Vlissingen, where 5,268 tonnes and 7,512 tonnes were booked out respectively. That said, trading volumes remained light over the morning at 2,000 lots exchanged as of 9am London time. Some market participants pointed to tight forward spreads for...