The three-month nickel price on the London Metal Exchange was lower during morning trading on Monday September 16, retreating toward $17,300 per tonne, ignoring stock outflows that have brought on-warrant material down to its lowest level in eight years.
Turnover has been moderate for the base metals complex so far this morning, with copper traded volumes taking the lead at 7,200 lots exchanged as of 9:20am London time; nickel’s 4,000 lots came second.
Price action in nickel rallied at the end of August on news that a planned Indonesian nickel ore ban has been brought forward to January 2020 from 2022. The three-month nickel price climbed more than 8% on August 30 as a result.
Since reaching its highest level since September 2014 at $18,850 per tonne on September 2,…
