NICKEL has smashed through the psychological $US40,000 per tonne barrier, with the metal's latest surge propelling a suite of Australian nickel miners and developers to fresh all-time highs.
During the evening session on the London Metal Exchange overnight, the spot price of nickel added $1200 or 3% to close at $41,000/t – the first time the metal has crossed that price threshold.
Three-month nickel was also up, gaining $500 or 1.3% to $37,800/t.
The spot price of nickel has gone up almost $10,000 since January 9, when the metal changed hands at $31,575/t.
Last night's gains came despite the LME's nickel inventory remaining steady, with the total tonnage under the LME's watch adding 12t or 0.2% to take the stockpile to 5064t. Daily global consumption of nickel is around 3500t.
The latest move in what appears to be the metal of the moment helped propel a bevy of local nickel equities to new highs.
MRE Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
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