Nickel’s three-month price resumed its upward trajectory on Thursday, reaching an intraday high of $16,875 per tonne - its highest level since early March.
The metal closed at $16,828 per tonne, a 1.1% increase on its Wednesday reading of $16,636 per tonne.
On April 1, prior to the Easter bank holiday, nickel closed at $16,214 per tonne, and open interest has fallen every day since then (down 0.5% on Thursday and down 1.3% since April 1), suggesting that an element of short-covering has brought the price to its current levels.
“The higher prices should...
