Nickel's three-month price on the London Metal Exchange increased by more than 2.5% during morning trading on Friday May 24, with its price action appreciating back over $12,000 per tonne while its volumes traded led the complex.
More than 5,200 lots of nickel were exchanged as of 9:37am London time, amounting to around $317 million of metal traded. The easing tightness in the metal's forward spreads could be one reason for additional buying momentum, with the metal's cash-June spread recently in a small contango of $9.50 per tonne, supporting short-term business. Meanwhile, nickel's cash/three-month spread is also trading in a $3 per tonne contango this morning, swinging from a backwardation of $1 per tonne on...