The three-month price rallied 10% to $13,050 per tonne - its highest since June 2015 - as it stole the limelight during LME Week on increased bullishness and potential electric vehicle (EV) demand, with nickel being the main component of lithium-ion batteries.
But the rally came too soon for any significant price support at these high levels.
“Nickel has been on a rollercoaster, it was the hot topic during LME Week but I think deep down everyone was uneasy about whether the rally was sustainable,” one trader said.
“It wasn’t supported so high, and therefore the price correction is not a surprise, maybe just a bit harsh,” he added.
The...
