Nickel Makes Biggest Advance in 19 Weeks

Nickel saw its biggest rise since mid-May with Goldman Sachs Group saying it expects prices to rise after a down week.

According to Bloomberg:

Nickel for delivery in three months climbed 3.7 percent to $16,625 a ton at 5:14 p.m. on the London Metal Exchange, the first gain in seven days. A close at that price would mark the biggest increase since May 19.

Jeffrey Currie, an analyst with Goldman Sachs, wrote in a note that:

Rising costs stemming from an Indonesian ore-export ban, along with lower Philippine ore deliveries to China, the world’s largest nickel user, will help boost prices to $22,000 a metric ton in 12 months, or 37 percent higher than yesterday’s close.

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