nickel hits fresh record high

Nickel hits fresh record high
23/05/2006 19:52 PM

Print story on
Email Story




London - The price of nickel struck a new record peak on Tuesday as investment funds ploughed cash back into the base metal.
At around 16:15 GMT on the London Metal Exchange (LME), the price of nickel struck 22 250 dollars per tonne - the highest point since the metal was first listed in 1979.

Nickel prices have rocketed by some 62% since the start of 2006.

Last week, the base metal had fallen from its previous record peak, in line with most commodities which were hit by global fears over rising inflation.

"Fears of a significant sell-off did not materialise... and the market bounced back," said UBS analyst John Reade.

Two weeks ago, the prices of aluminium, copper, zinc and nickel had all struck record high points as low global inventories, supply disruptions and concern over Iran had prompted frenzied speculative buying.