The three-month nickel price on the London Metal Exchange was higher at the close of trading on Wednesday September 18, with the price breaching the nearby resistance value amid low trading volumes, while the rest of the base-metals complex continued to consolidate.
Nickel futures closed at $17,200 per tonne in the afternoon, climbing by more than 1% from an intraday low of $16,970 per tonne, while just under 7,000 lots changed hands by the close.
Despite buying momentum over the afternoon, however, nickel’s forward spreads on the LME remained tight across the curve, with the benchmark cash/three-month spread recently trading in a $105 per tonne contango, narrowing from $125 per tonne earlier in the afternoon.
Supporting the higher price, LME nickel stocks remained at their lowest level since 2011,…
