The London Metal Exchange three-month nickel price continued to gain during the morning session on Friday August 28, trading up 1.2% from the previous day's close at $15,340 per tonne, its highest since November 2019.
Often considered a proxy for the Asian markets, nickel has continued to trend higher of late on near-term demand from China's industrial sector and ongoing speculative rhetoric from the electric vehicle (EV) battery market in the longer term.Additional commodity trading advisory (CTA) cash flows and increasingly bullish fund positioning on nickel futures bolstered the LME three-month price and today was no exception.Long positioning has increased to a net long of 7,991 lots, as of August 21, with market shorts also looking to minimize their bearish exposure. The latest EV data in the region is supportive of this stance,...