LME Nickel Jumps Near Seven Year High

LME Nickel Jumps Near Seven Year High

Oct 21, 2021 12:10 IST capital market

Nickel futures have been rising in last few days amid soaring Copper prices and a sustained pick up in global Covid-19 vaccinations. Brazilian mining giant Vale has cut its 2021 nickel outlook from an estimated 200,000t to 165,000-170,000t, due in part to the earlier strike at Sudbury and the recent suspension of Onca Puma. Overall supply concerns stayed in place as Norilsk Nickel reported lower output in the September quarter. LME Nickel spiked around 5% in last session, hitting above $21000 per tonne mark and recording its highest level in last seven years. The LME Nickel inventories have tumbled to a two year low near 140000 tonnes.

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