LME cash nickel rose by another 2.1% to US$11,606.50 per tonne.
“Following the news earlier this month of the shutdown of the Ravensthorpe operation of First Quantum Minerals, price increases this week appear to be driven by the demand side of the industry,” metals consultancy Roskill said . “A rally in the demand for steel and its raw materials in China are providing a welcome boost to demand.
“Given the shutdown of the Ravensthorpe plant and other closures and cutbacks announced previously, it is increasingly clear that if such future demand is to be met, prices of nickel will need to be brought back in line with the profit margins needed to sustain these operations.”
Lead, zinc and copper were weaker.
London miners outperformed the rest of the FTSE 100, with the big four all rising by more than 1% each.
The Metal Bulletin 62% iron ore fines price fell by another 2.3% to $77.82/t.
Spot gold was at $1291.10 or A$1633 an ounce, while futures were closer to US$1295/oz
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