"Just before Friday's close at the London Metal Exchange, traders lodged 1000 orders. The stainless steel metal had been largely unloved all session, but this last-minute action pushed the price up 3.9 per cent to break through the $US14,000 barrier, closing at $US14,050 a tonne.
It must be added, however, that nickel warehouse inventories hit a 52-week high of 227,562 tonnes.
Lachlan Shaw and the commodities team at Commonwealth Bank believe supply cuts and, eventually, stronger demand should see a nickel deficit begin to loom next year with consequent higher prices."
