The three-month nickel price on the London Metal Exchange rallied at the close of trading on Wednesday June 26, climbing by 1.4% to close at its highest level since April amid a continued drawdown in the LME's dwindling supply.
The nickel price closed trading at $12,490 per tonne, climbing from an intraday low of $12,235 per tonne while total volumes traded breached 10,000 lots for the first time since June 20. The uptick in price action was largely attributable to short-covering activity, with LME forward bandings now showing two dominant holders of 5-9% of long July spreads, and one more holding 10-19% of spreads. Equally supporting the higher nickel price, total LME nickel stocks continue to dwindle,...