Nickel continued to rally on the London Metal Exchange during afternoon trading on Wednesday January 10, closing in positive territory alongside the rest of the metals.
The three-month nickel price closed up 1.8% on Tuesday's close, having hit an intraday high of $13,200 per tonne earlier, thanks to a tighter market and robust demand from the stainless steel sector."We have a constructive view over the very short term. In line with our expectations, LME nickel managed to overcome strong resistance of $13,000 per tonne. This is a clear confirmation that prices will continue to rise this year," Metal Bulletin analyst Boris Mikanikrezai said. Another factor pushing nickel prices higher are higher Chinese import duties since the start of the year and higher long-term contract premiums."Beijing is charging higher fees to import...