Continuing its recent uptrend, nickel’s three-month futures price is up more than 2% over the morning, reaching an intraday high of $11,490 per tonne while strong demand, particularly from the stainless steel and electric vehicle (EV) sectors, in addition to low LME stocks buoying the metal's price.
With 144,882 tonnes on-warrant, deliverable nickel stocks are at their lowest level since April 2014, while LME data on January 10 showed three warrant holding positions in overall stocks, the tom/next position and cash holdings each at 40-49% of LME inventory.
Tin’s three-month price is also continuing its upward momentum after closing 2018 as the best performing base metal.
The metal’s price action is now well supported above $20,300 per tonne, with continued export delays from Indonesia, as well as a significant drawdown in the LME’s mostly Malaysian MSC supply, supporting positive price action.
“[There was] another big rally in the Chinese...