November 22, 2017 | Kristie Batten
Copper, nickel recovering.
BASE metals had a good session as US stocks hit another all-time high.
Nickel gained another 1.8% to US$11,810.50 per tonne, its third straight gain after three consecutive losses last week.
Still, nickel is a fair way off the peak of $12,870/t set on November 6.
Copper also enjoyed a good day, rising by 1.2% to $6877.50/t. The red metal has gained ground in five of the past seven trading sessions.
According to figures from the International Copper Study Group released on Monday night, world copper mine production dropped by 2.2% in the first eight months of the year, while refined production and usage were virtually unchanged.
The world refined copper balance for the first eight months of the year indicates a deficit of around 50,000 tonnes.
Gold was steady while iron ore was slightly lower.
The big miners in London rose on what was a positive day for global stocks overall.
The SPI 200 Futures index was up by 16 points due to positive leads.
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November 22, 2017 | Kristie Batten Copper, nickel recovering....
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