Aluminum Displaces Nickel as 2014′s Biggest Gainer

Bloomberg reported that on Tuesday nickel fell to its lowest price in a week, sinking as much as 1.6 percent as LME inventories increased to a record 385,860 metric tons. The previous day, the metal sunk by 3 percent.

As quoted in the market news:

Aluminum, which displaced nickel as the biggest gainer on Nov. 3, has climbed 13 percent this year. Zinc moved into second place today with an 8.8 advance as nickel trimmed its rise to 8.2 percent.

Nickel dropped for two consecutive months as increased ore supply from the Philippines helped avert a shortage after Indonesia, the largest mined producer, banned raw ore exports from January. Demand growth is weakening in Europe and China for the metal used to make stainless steel, Morgan Stanley said Nov. 3. Aluminum has gained for eight of the last nine months amid falling global production and an improving demand outlook.

Click here to read the full Bloomberg report.