Base metals prices traded on the London Metal Exchange continued to capitalize on marginal gains made in the morning session on Wednesday July 24, with the pervading macro optimism and a weaker US dollar overshadowing modest turnover.
Nickel rebounded 2.6% to close at $14,545 per tonne, retracing some the significant gains made last week when the three-month contract hit a $15,115-per-tonne high on July 18.But market optimism for the metal's price trajectory was not forthcoming and traders continued to attribute the recent rally to technical trading factors.Market sources have said this is due to an unspecified dominant long position holder of the cash/August nickel spread deliberately canceling on-warrant stock to artificially tighten the market and subsequently force up prices. There are two nickel long position holders of...