LME Nickel Prices Nearing $21,000 per Tonne

Metal Bulletin reported that London Metal Exchange (LME) nickel prices are still on the rise following last week’s strong performance. In fact, they are drawing nearer and nearer to $21,000 per tonne.

As quoted in the market news:

Prices for the alloying metal, which began to rocket upwards last week, have hit two-year highs on supply concerns as a result of the Indonesian ore export ban. Nickel prices settled at $20,845/50 per tonne on Monday, compared with the previous official level of $20,125/130 per tonne, with a high for the day of $20,890. Prices were driven higher last week by news of the shutdown at Vale’s New Caledonia operations, a category I broker told Metal Bulletin, but some said concern over future supplies from Russia were continuing to impinge on the market’s consciousness.

Click here to read the full Metal Bulletin report.