Nickel was at $18,550 per tonne at 9am on Tuesday, compared with $18,946 per tonne at 5pm on Monday. Tuesday’s morning intraday low of $18,450 per tonne is the lowest since September 21.
Compared with the start of the month, the stainless steel raw material is down by 4%, having had a closing price of $19,332 per tonne on September 1.
Its cash/three-month spread has been mostly in a backwardation since the final week of August. On Tuesday morning, the spread was in an $8-per-tonne backwardation.
Nickel, like most base metals, has been affected by...