The three-month nickel price on the London Metal Exchange was higher at the close of trading on Wednesday August 28, breaching the $16,000 per tonne resistance level in a bout of short covering, while tightness in the metal’s forward curve meant that it continued to trade at record levels.
Some 8,000 lots of nickel changed hands by the close of trading on Wednesday, while the metal’s price fluctuations saw it climb from an intraday low of $15,655 per tonne to a closing price of $16,085 per tonne.
News of a waste spillage at a nickel sulfate plant in Madang, Papua New Guinea, operated by Metallurgical Corp of China, a subsidiary of Minmetals, led market participants to cover short positions…
