The three-month nickel price on the London Metal Exchange climbed by 1.4% at the close of trading on Wednesday July 31, shaking off downward momentum emanating from an expected US Federal Reserve interest rate cut and subsequent dollar incline.
Nickel futures closed at $14,490 per tonne on Wednesday, climbing from an intraday low of $14,255 per tonne while just over 7,000 lots of metal traded over the day. Volumes in nickel have been steadily declining since last week, and after more than 20,000 lots were traded on July 18 - the most since May 2018 - turnover in nickel has averaged below 10,000 lots per day. Similarly, price action continues to flirt with sub-$14,000 per tonne levels, prompting some market participants to suggest that a corrective move below the mark...