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Nickel Prices Jump to 11 Months High on Funds Buying

Metal News - Published on Thu, 18 Jul 2019

Image Source: ThoughtCo
Reuters reported that nickel prices jumped to their highest in 11 months as some funds pushed up their purchase of the metal pegged to benefit from the burgeoning electric vehicle industry. Benchmark three-month nickel on the London Metal Exchange climbed as much as 2.3% to USD 13,980 a tonne, its highest since August 2018. Shanghai nickel also touched an 11-month high of 109,710 yuan (USD 15,955.73) a tonne during Asian trading hours before paring some of the gains, and ended up 4.1% at 109,460 yuan a tonne.

A metals broker said that “It’s CTA (commodity trading advisers) momentum buying ... that is pushing things (nickel) higher.”

LME nickel has been the best performing base metal so far this year, rising 30% as of Tuesday while most other base metals have been falling, as investors bet on the rising demand for the EV battery input metal and falling stockpiles.

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Posted By : Amom Remju on Thu, 18 Jul 2019
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