Climbing 0.3% during the afternoon, nickel’s three-month price continues to find support above $14,000 per tonne, reaching a high of $14,635 per tonne today.
Nickel’s core support from the electric vehicle sector is buoying prices in positive territory, however; supply disruptions in the Philippines are at odds with resumed Indonesian production, skewing the metal’s short-term price sentiment.
Yet the metal’s cash/three-month spread has widened to a contango of $80 per tonne, from $60b per tonne on Monday.
Falling 0.4%, aluminium’s three-month price continues to consolidate around $2,300 per tonne.
The light metal’s cash/three-month spread has moved from a backwardation of $2.50 per tonne earlier today, to $21.50b by the close.
“The LME aluminum price is still consolidating after the steep...