Nickel Price Nears Lowest Level in a Year

Bloomberg reported that the nickel price was near its lowest level in a year on Friday on the back of increased global oversupply.

As quoted in the market news:

The metal was in a surplus of 12,700 metric tons in December, widening from 6,500 tons the previous month, according to International Nickel Study Group data released Friday. Euro- area finance ministers meet in Brussels to negotiate Greece’s bailout as Germany left the door open to a deal after earlier rebuffing the country’s request to extend its aid program.

Nickel for delivery in three months on the London Metal Exchange was little changed at $13,980 a ton at 10:21 a.m. in Tokyo. Prices fell 1.9 percent on Thursday to close at $13,985 a ton, the lowest since Feb. 6, 2014.

Click here to read the full Bloomberg report.