The three-month nickel price on the London Metal Exchange gained 2.6% to its highest so far in 2021 during early trading on Friday September 10, while aluminium also reached a new year-to-date peak of $2,894 per tonne.
The entire base metals complex is set to end the week higher.
Nickel reached $20,705 per tonne on Friday morning - a price not seen since 2014 when it rose as high as $21,625 per tonne. This compares with Thursday's closing price of $20,190 per tonne.
Nickel inventories on the LME have fallen further, with on-warrant amount dropping by 1,974 tonnes to 118,008 tonnes, the lowest since December 2019. Available stock on the LME have dropped by 2.6% this week from 121,158 tonnes on Monday.
Meanwhile, the Shanghai Futures Exchange nickel price also hit a...