The London Metal Exchange three-month nickel price rallied 4% and four metals in the base metals complex - tin, nickel, copper and zinc - set new 2020 highs during trading on Thursday December 10 on rising expectations for the approval of a Covid-19 vaccine in the United States.
The three-month nickel price was at $17,430 per tonne on Thursday at 5pm, 4.35% higher than its Wednesday evening price of $16,703 per tonne. Wednesday's 5pm price was 1.9% higher than the previous day. The price of the stainless steel additive reached a new year-to-date high of $17,505 per tonne during afternoon trading on Thursday. This represents a 23% rally on the metal's price from the morning of the first working day of the year of $14,190 per tonne on January 2. "While the overall [nickel] price action is bullish, we have some reservations over the recent upward momentum and suspect nickel is mainly playing catch up with the rest of its peers," Fastmarkets analyst Andy Farida said. "Also,...