Base metals on the London Metal Exchange were mixed at the close of trading on Monday April 30, with nickel dropping 1.5% from Friday.
Nickel recorded a high-low range of $270, reaching a high of $13,940 per tonne during morning trading. With consolidation now firmly in place, nickel's three-month price is continuing to slide lower below the $14,000 per tonne support level. Despite this, sentiment remains positive for the metal, with Metal Bulletin Research citing falling global stock levels, healthy consumption and an overall bullish outlook for nickel buoying the metal's short-term trajectory. Elsewhere, aluminium's three-month price rebounded at the 5pm close after reaching a low of $2,212 per tonne. Volumes traded remain low for aluminium, and the metal's cash/three-month spread is currently in a backwardation of $1.50 per tonne. "Base metals are...