LIVE FUTURES REPORT 27/04: LME nickel up 1.8%; gains for copper, zinc on strong trading

The price of nickel on the London Metal Exchange was some $40 per tonne short of the $17,000 per tonne mark at the close of trading on Tuesday April 27, while most other base metals' prices also finished higher day on day, boosted by a recent rise for copper.

Nickel's three-month price was up by 1.8% to $16,963 per tonne on Tuesday, after rising by roughly $300 per tonne each day since last Thursday, when it closed at $16,063 per tonne.
The stainless steel additive reached an intraday high of $16,985 per tonne as well, the highest since March 4, when the day's peak was $17,485 per tonne.
The fresh buying seen in nickel on Tuesday was supported by a rise in its open interest by 0.6%, together with strong volumes in the three-month contract, with 8,000 lots traded by 5pm, the most since March 9.

"The LME nickel price has been confined within a well-defined range since its late February 2021 sell-off,"...

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