The three-month nickel price on the London Metal Exchange was lower at the close of trading on Monday October 28, falling by a little less than 2% against high turnover, while copper's outright price breached nearby resistance.
Nickel's outright price closed at $16,640 per tonne, while some 9,730 lots were exchanged by the close. The metal reached an intraday high of $17,025 per tonne, its highest price since October 16.The metal's forward spreads tightened over the afternoon, with its benchmark cash/three-month spread recently trading in a backwardation of $26 per tonne after trading in a contango of $21 per tonne last week.Despite selling pressure, nickel stocks on the...