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Nickel hits 20-month high in LME officials

March 04, 2010 - 14:26 GMT Location: London

KEYWORDS: nickel , lme , zinc , copper

Nickel prices reached fresh 20-month highs in the official session on the London Metal Exchange on Thursday on fund buying and stock declines

Three-month nickel settled at $22,950/75 per tonne after opening at $22,600 per tonne. The contract traded no lower than $22,355 per tonne and reached an intraday high of $23,040 per tonne. This compares with Wednesday’s official price of $22,630/35 per tonne. Nickel last traded above $23,000 per tonne in the officials on June 18 2008. “There seems to be a good bit of fund buying going on,” a category I trader told MB. Buying from “technical systematic funds” is driving the nickel price higher, according to an analysts’ daily note. Rising demand from the stainless steel sector...

All material subject to strictly enforced copyright laws. © Euromoney Institutional Investor PLC.

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