Ni surges to near 7-year highs on supply-demand

摘要

Nickel prices on the London Metal Exchange (LME) surged to near-seven-year highs last week, driven by low warehouse stocks that pointed to tight supply and China's efforts to support its economy that strengthened outlook for demand. The three-month nickel contract on the LME rose to $21,025/t in the official morning session on 23 November, the highest since 13 May 2014 and a 9.6pc increase from 18 November, when nickel was at $19,187.50/t. The price fell on 26 November to $20,062.50/t, as the discovery of a new highly mutated coronavirus variant shook market sentiment, but direction in the current quarter has been strong, hovering at about and then above the key $20,000/t threshold.