Nickel hits record highNickel futures rose more than 6%...

Nickel hits record high
Nickel futures rose more than 6% Wednesday, helped by demand from stainless steel manufacturers.
January 17 2007: 12:19 PM EST


LONDON (Reuters) -- Nickel futures rose more than 6 percent Wednesday to hit a new high of $35,700 a ton on worries about falling stocks, traders said.
Three-month nickel on the London Metal Exchange was quoted at $35,700/35,800 from $33,600 on Tuesday. Nickel's previous record high of $34,950 was set last December.
Stocks in LME warehouses fell 90 tons to 5,316 tons. But only 4,428 tons, little more than one day of global consumption, is available to the market.
"Demand from stainless steel manufacturers is still very strong and supplies aren't rising to keep up," a trader said.