Nickel approaches $23,000/t with all LME prices rising since Monday

Base metals prices on the London Metal Exchange all ended the week to Friday January 14 in positive territory, with the best performer in the complex being nickel, which surged by 10.3% since Monday.

The stainless steel ingredient's futures price reached $22,935 per tonne on Friday, and has been trading at its highest since mid-2011.

"[Nickel] inventories dropped 11% this week resulting in prices rising 10% over the past five days to now test highs not seen for almost a decade," Neil Welsh, LME Broker at Brittania Global Markets, said on Friday.

LME data on Friday showed nickel stocks at its warehouses stood at 97,746 tonnes - with...

Published

Ana de Liz

January 14, 2022

17:33 GMT

London