Nickel's three-month price on the London Metal Exchange was higher at the close of trading on Thursday June 27, up by about 2% amid continued buying momentum, with positive US GDP figures shoring up commodity investments.
Three-month nickel futures closed at their highest level since April at $12,710 per tonne in the afternoon, improving by just under 9% from a June-low of $11,605 per tonne on June 17. While total LME stocks remain at their lowest level since 2012, at 165,480 tonnes, any upward price action this week has been largely due to short-covering activity, while one dominant long position holds 30-39% of September spread positions.Due to forward lending, nickel's September/three-month spread recently traded in a $30 per tonne backwardation, the widest across nickel's front curve, while the...