ODJ Market Special: LME 3-Mo Nickel Up At New 13-Yr High Of $10,540
Singapore, Oct. 7 (OsterDowJones) - London Metal Exchange's benchmark three- month nickel contract posted a new 13-year high of $10,540 a metric ton in late Asian trade Tuesday, bolstered by funds' short covering, a Sydney-based trader said. That level overtook a 13-year high of $10,535/ton posted Friday. "It is just much more short covering and I think there is plenty more to come," said the Sydney-based trader. Nickel prices have been rocketing higher for much of 2003, as analysts forecast a supply deficit in the next few years due to the lack of new production capacity and strong demand from China. "There's not an analyst who's not bullish about nickel and it can get up to $11,000/ton," said the Sydney-based trader.
