The London Metal Exchange three-month nickel price led gains during the morning session on Wednesday August 28 while the rest of the base metals complex followed a lackluster trajectory of minimal gains on slim trading volumes.
The LME three-month nickel price is closing the gap on the $16,000 per tonne psychological level, trading up 1.5% to around $15,950 per tonne this morning. The nickel contract may be reacting to the metal's tightening forward curve, with the cash/three-month spread trading in a $79 per tonne backwardation, the tightest the spread has been in 12 years. Nearby spreads have been traded this morning despite backwardations along nickel's forward curve, presumably in anticipation of...