The three-month nickel price on the London Metal Exchange was marginally higher during morning trading on Thursday January 30, supported by a fresh cancelation of 11,874 tonnes, while copper's downturn continued.
Nickel's outright price on the LME was recently seen at $12,720 per tonne, with some 1,300 lots exchanged as of 9:20am London time. Nickel's price action has significantly weakened over the late-January period, falling from a monthly high of $14,435 per tonne on January 16, while daily turnover in LME nickel has failed to pass 8,000 lots since then. In addition, continued inflows into LME-registered warehouses over the month has seen on-warrant material in nickel climb from 43,700 tonnes at the start of December, to a current level of 124,902 tonnes.Similarly, the outbreak of the coronavirus in...