On 25 January 2007 nickel broke its previous record during London Metal Exchange’s ring trading as available stocks in exchange warehouses plummeted once more and concerns about supply grew. It hit a high of USD 38,798pt, basis three months, at 12:18pm London time, before settling at an official price of USD 38,000/050pt. The cash-to-three months backwardation was at USD 3300/500 after the official session ended.
