The LME nickel 3-months forward was the top gainer for the day as supported by the steel demand recovering. Prices end the day at $22,240 per tonnes, up by around 3.68%, while making an intraday high of $22,300 per tonnes and low of $21,126 per tonnes.
Further, inventory reported was mixed for nickel as stocks shed significant 384 tonnes to total 162,840 tonnes, while the cancelled warrants ratio move higher to 0.029 as compares to the prior days of 0.025.
FNX Mining is considering restarting dormant nickel production and seeking acquisitions. However the plans are contingent on Brazilian miner Vale resolving a seven-month old strike at its Sudbury operations.
MRE Price at posting:
76.0¢ Sentiment: ST Buy Disclosure: Held
