The three-month nickel price on the London Metal Exchange held onto Thursday's 2% gains during morning trading on Friday June 28, while market participants await developments in the global economic landscape from the G20 summit in Osaka, Japan.
The nickel price was recently at $12,690 per tonne. The benchmark three-month price continues to trade above $12,600 per tonne amid a continued drawdown in LME supply and due to short-covering activity that has persisted throughout the week. Amid thin volumes traded across the complex, some 3,380 lots of nickel were exchanged over the morning, making it the most-traded base metal so far today. LME nickel stocks remain at their lowest level since 2012 at 164,718 tonnes. "The volumes [across the complex]...