Nickel’s three-month price remains unchanged at $14,500 per tonne after climbing 3% at Monday’s close.
The metal reached a high of $14,635 per tonne this morning, breaking above its most recent resistance level at $14,500 per tonne and consolidating around that mark.
“Nickel’s cash/three-month spread has loosened to $69 per tonne from $60 per tonne at the start of the trading week. This suggests that most of the short-covering has run its course while prices may have been rising due to fresh buying interest,” Andy Farida, analyst at Metal Bulletin said.
“The June 2018 call option interest, with a strike price of $14,500 per tonne, stood out with a substantial volume of 1,650 lots. Going forward to July 2018, at...