The LME three-month nickel price hit a year-to-date high in the morning session on Wednesday August 26, up 1% from the previous day's close, and at its highest level since November 2019, at $15,140 per tonne.
London Metal Exchange nickel futures were supported by the fresh cancelation of 444 tonnes as of 9am this morning. A 378-tonne outflow of material - 354 tonnes from Dubai and 24 tonnes from Liverpool warehouses - failed to cap upward momentum with 54 tonnes leaving LME warehouses in Baltimore, United States, at the same time. LME nickel stocks are up 52% over the year so far, to 238,818 tonnes, indicating that upward price movement from LME futures continues to be driven by fresh inflows of cash trading advisory (CTA) money and...