Nickel

摘要

Earlier this week, LME nickel prices were achieving new peak levels on a daily basis. Following the fund sell-off a month ago, prompted by concerns over the economic climate, nickel prices recovered sharply to reach new highs. From a low of 18,000 dollars/t on June 13~(th), the official daily LME 3-month price soared to 26,500 dollars/t by July 12~(th) and the backwardation flared out to 3,100 dollars/t. Although prices had dropped back from these levels at the time of writing, the 3-month price had nevertheless steadied at 24,500 dollars/t on the morning of July 13~(th), which is still 36 percent above the lows of mid-June. The return of fund buying coupled with firm physical market conditions have been the key factors responsible for driving prices higher over the last two weeks.