Nickel rises to 19yr high

On the 9th of October, nickel prices rose to their highest in at least 19 years on the London Metal Exchange amid concern supply won’t meet demand after inventories dropped to the lowest in more than two months. Stockpiles of nickel, a metal used to enhance the anti-corrosiveness of stainless steel, fell 8.2% to 4458 metric tons, the exchange said in a daily report, the lowest since 31 July. Nickel for delivery in three months rose as much as USD 750, or 2.5%, to USD 30,250 a ton, the highest since at least 1987. Inventories have slumped 88% this year, leading to a more than doubling of prices. The jump in nickel prices hasn’t deterred stainless-steel producers, which account for two-thirds of demand for the base metal, the International Nickel Study Group said 6 October. Demand will jump 10% this year to 1.37 million tons, compared with 1.24 million tons last year, the Lisbon-based industry group said. It will rise to 1.45 million tons next year. Among other metals, copper for three-month delivery rose for the third straight day, by as much as USD 110, or 1.5%, to a one-week high of USD 7570 a ton. Aluminum for three-month delivery climbed USD 52, or 2%, to USD 2642 a ton. Zinc gained as much as USD 150, or 4.2%, to USD 3740 a ton, the highest since 31 May.
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