Nickel touches record $50, 000
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Nickel prices rose to $50, 000 per tonne at the London Metal Exchange for the first time ever on Thursday, boosted by falling inventories and strong demand. The metal mined by Xstrata and Norilsk, is one of the strongest performers in the commodity markets. At this level it has gained almost 50 percent since the start of 2007, and is more than twice as expensive as it was this time a year ago. In that period, stocks in LME-monitored warehouses have fallen to be low 5,000 from almost 30,000. Use of the metal has risen sharply in recent years particularly in steel-hungry in China, leading many to believe that the workshop of the world will continue to drive demand growth for Nickel and other metals in coming years. The market has recognized that the US demand might decrease due to a slower pace of economic activity but that demand from emerging economics, especially China, will more than offset any possible shortfall from the US, analyst at Dresdner Kleinwort said in a note. At 1008 GMT, nickel was quoted at $49,200-49,450 down $195 from Wednesday’s closing price.
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Source : Business Line |
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