Nickel closed higher on the London Metal Exchange on Wednesday January 30 after peaking at an intraday high of $12,455 per tonne, its highest since October.
Low stocks and robust demand from stainless steel and nickel pig iron (NPI) production, predominantly in China and Indonesia, are underpinning the upward trend in the three-month price, which is now more 15% higher than its 2018 low of $10,500 per tonne on December 31. Copper ended comfortably above $6,000 per tonne, with more than 22,000 lots changing hands by the close.According to LME data, there is one dominant warrant position in both copper and nickel holding 50-79% of LME stock, tom/next and cash positions. "If the outcome of US-China trade discussions is positive and the Federal Reserve maintains its dovish...