Nickel's three-month price on the London Metal Exchange maintained weekly gains of around 5% at the close of trading on Friday June 28, closing at $12,690 per tonne while turnover was moderately light with some 8,800 lots of nickel exchanged by the close.
The metal's three-month price began the week trading just above the $12,000-per-tonne support level, after trading below that mark the week prior. Short-covering activity, prompted by a market sell-off to $11,700 per tonne in mid-June, encouraged market participants short of nickel to borrow forward nickel spreads and roll over positions due to the June nickel contract expiring.As a result, open interest on September positions - due to the September date being the nearest purchasable spread in a three-month contract - remains elevated at 43,895 open positions for September 18, while volume for the date...