Nickel’s underlying price on the LME rose to $13,190 per tonne from Monday’s closing price of $12,885 per tonne. Turnover was moderate at just over 3,200 lots exchanged as of 9am London time.
Buying momentum comes against a continued increase in nickel exchange stocks. There was another fresh inflow of 4,662 tonnes in Johor and Kaohsiung this morning.
LME on-warrant nickel stocks now sit at 128,550 tonnes, up from 43,700 tonnes at the start of December 2019.
Meanwhile, nickel’s cash/three-month spread continues to exhibit the widest contango across the complex, recently at...