Nickel prices rallied $115 per tonne amid strong fundamental support and a pick-up in demand from steel markets as a result of rising steel prices.
“Purchases [of nickel] from steel markets will increase after the cautious, watchful attitude seen in the market before [China’s] Golden Week holiday since steel prices have risen as a result of supply constraints in China,” an analyst at Guotian Jun’an said.
https://www.fastmarkets.com/base-me...edge-higher-wide-zinc-backwardation-persists/
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