Nickel Rises On LME As Buyers Return After Squeeze
- Nickel volumes surged as prices traded within the London Metal Exchange’s daily limits for the first time since reopening last week, Bloomberg reported.
- Prices climbed to a high of $29,700 a ton and remained within a 15% intraday limit set by the bourse.
- Nickel prices jumped 250% in early March touching a record $101,365 a ton amid a short squeeze focused on China’s Tsingshan Holding Group Co.
- China, the world’s largest base metals producer, and consumer is hit by its worst coronavirus outbreak in two years.
- The country’s steelmaking hub of Tangshan faced the heat as lockdowns affected business.
- The report added that by the close of trading on the LME, nickel fell 10% to settle at $28,159 a ton. Copper, aluminum, tin and zinc slipped in London, while lead advanced.
- Photo via Wikimedia Commons
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