Nickel’s outright price on the LME closed at $14,360 per tonne in the afternoon, falling by just over 2% from an intraday high of $14,695 per tonne. Turnover was at its lowest since November 7 with just 6,641 lots exchanged by the close.
Yet while some believed that the metal’s underlying price decline was a corrective move, after supply-side concerns out of Indonesia pushed its three-month price beyond $18,000 per tonne in September, forward spread tightness had kept market participants cautious of engaging in nickel business.
Tightness in nickel’s forward spreads has since eased, largely...
