Nickel prices on the London Metal Exchange reached a one-month high during morning trading on Friday May 25, climbing more than 4% on the week while tin's three-month price continued to lead the complex lower.
Nickel three-month price recorded its highest level since April's sanction-related spike this morning, reaching a high of $15,055 per tonne. Nickel inventories on the exchange continue to drop and the metal's fundamental outlook remains bullish, with its cash/three-month spread currently in a contango of $57 per tonne. "The base metals were largely quiet yesterday until the evening kerbs with evidence of real money and other CTA buy programs lifting prices into settle," Alastair Munro of Marex Spectron said. "Overnight they push on with nickel making new highs before iron ore resumed its sell-off. That coupled with end of week profit-taking sees metals drift and open mixed," he added. Lead's three-month price continues to...