NICKEL has closed considerably higher on the London Metal Exchange (LME), extending a strong price surge on the back of global supply concerns.
"Commodities are generally higher this Monday as geo-political tensions related to east Ukraine have provided a lift," noted Ole Hansen, Head of Commodity Strategy at Saxo Bank.
Precious metal prices had also taken strength from the heightened geo-political risks.
At the close of open-outcry trading in the London ring, LME 3-month nickel was up 2.2 per cent from Friday's closing price at $US17,790 per metric ton.
LME copper stagnated, closing flat at $US6,665 per ton, while aluminium fell 0.1 per cent to $US1,882 per ton.
Year-to-date, nickel prices are up some 25 per cent.
The metal's rally has been driven by factors including a ban on exports of unprocessed ore by Indonesia, leading to weaker shipments, and tensions over Ukraine.
AVQ Price at posting:
1.2¢ Sentiment: LT Buy Disclosure: Held
