Nickel touches two-year high in China 5 hours ago Nickel was up...

Nickel touches two-year high in China
5 hours ago
Nickel was up about 3 per cent in Shanghai on Monday, touching its highest point since mid-2015 following the release of better-than-expected economic data late last week.

The metal traded as high as Rmb97,720 a metric tonne in Shanghai this morning, a 3.2 per cent increase from Rmb94,650 on Friday, according to data from Wind.

Jingyi Pan, market strategist with IG in Singapore, said stronger metal prices had been reinforced by the outperformance of China’s manufacturing purchasing managers’ index, published on Thursday by China’s National Bureau of Statistics.

According to London Metal Exchange data, nickel has been climbing relatively steadily since early July, lifting about 35 percent to $12,005 a metric tonne.

Nickel prices are likely to continue to rise amid a fresh crackdown by Chinese environmental regulators in several key nickel producing regions, according to Chinese metal consultancy SMM.

https://www.ft.com/content/18b1bad5-c499-3cfc-a4c0-3f7ae7f88a94