Nickel’s three-month price on the London Metal Exchange continued to trend higher during morning trading on Friday August 30, breaking through the 2018-high while its cash/three-month spread remains tight.
Reaching an intra-morning high of $16,835 per tonne, nickel futures surged past the key $16,690-per-tonne resistance level achieved in the wake of US-imposed sanctions on Russian aluminium producer UC Rusal in April 2018.
LME nickel’s price action is now set against a 2014 resistance level of $16,880 per tonne when its three-month price rapidly fell from levels above $17,000 per tonne in December 2014.
With 2,154 lots exchanged as of 9:30am London time, nickel’s volumes traded were moderately high based on the previous average daily volumes this week, which were below 10,000 lots.
“Nickel came in for the most dramatic of…