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Bloomberg reported that nickel is on track for its biggest weekly rally in four years on the back of Vale SA’s (NYSE:VALE) suspension of production at its Goro nickel processing plant in New Caledonia.
Bloomberg reported that nickel is on track for its biggest weekly rally in four years on the back of Vale SA’s (NYSE:VALE) suspension of production at its Goro nickel processing plant in New Caledonia.
As quoted in the market news:
Nickel for delivery in three months climbed 3.6 percent to $20,100 a metric ton at 5:17 p.m. on the London Metal Exchange. A close at that level would leave prices up 10 percent this week, the biggest advance since February 2010.
Prices earlier reached $20,500, the highest since February 2012. Nickel trading on the LME rose to a record yesterday.