The three-month nickel price rallied to its highest since August 2018 above $13,000 per tonne.
According to LME data, one dominant position remains in place at 50-79% across total LME nickel stocks, tom/next and cash positions.
The three-month lead price closed at its highest since August 2018. The breached its 200-day moving average of $2,127.50 per tonne briefly during the afternoon.
This morning’s rewarranting of just under 24,000 tonnes did little to ease the metal’s upward momentum, while a dominant position has also emerged at 50-79% of cash positions.
“Base metals bounced back this afternoon despite a continued recovery in the dollar index, with...