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LME Nickel hits 2 ½ year high of $13200 on Wednesday

11 Jan 2018

LME three month Nickel prices hit highest level since June 2015 of $13200 to end 1.9% higher on Wednesday.

Prices rose seeking support from decline in US Dollar along with news of supply outages in Philippines and Madagascar. According to Reuters report, production outages at nickel mines in the Zambales region of the Philippines, a major exporter, could be helping drive prices higher.

Also Japan's Sumitomo Corp said it and partners Sherritt International Corp and Korea Resources Corp halted output at the Ambatovy nickel mine in Madagascar on Jan. 4, the day before Cyclone Ava hit the area. (Source - KCSPL Research & Reuters)

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