Nickel's three-month price on the London Metal Exchange was higher at the close of trading on Tuesday March 26, at $13,105 per tonne, with dip-buying emerging despite continued strength in the US dollar index.
The US dollar index was just under the psychological level of 97. Total LME nickel stocks remain at their lowest level in seven years at 183,582 tonnes, with just 116,292 tonnes on-warrant; yet nickel futures fell to their lowest level since February 14 at $12,840 per tonne this week amid choppy trading conditions. "Considering how well the LME nickel price has rebounded since the January 2019 low, we are sticking with our short-term view that the LME nickel price remains in consolidation mode. The pullback has been relatively mild...