Nickel Exports Decline as Russia Stores Metal

Bloomberg reported the nickel market is moving into contango as Russia slows exports holding onto stores of the metal.

As quoted in the market news:

Contango describes a market in which later-dated contracts trade at higher prices than those with nearer dates. Immediate- delivery nickel today reached a discount of $91 a metric ton to the three-month contract, heading for the widest closing gap since December 2009, on the London Metal Exchange.

Click here to read the full Bloomberg report.