Shanghai nickel hits record high on low stocks, strong demand
- The most-traded October nickel contract on the Shanghai Futures Exchange advanced as much as 4.1% to 155,140 yuan ($24,065.40) a tonne
Nickel prices jumped to a record high in Shanghai and surpassed a seven-year high in London on Friday, boosted by robust demand and dwindling inventories.
The most-traded October nickel contract on the Shanghai Futures Exchange advanced as much as 4.1% to 155,140 yuan ($24,065.40) a tonne.
Three-month nickel on the London Metal Exchange hit $20,705 a tonne, its highest since May 2014, before easing to trade at $20,550 a tonne, still up 1.8% at 0350 GMT.
Nickel hits highest since 2014 as stockpiles dwindle
ShFE nickel inventories were last at 5,950 tonnes, hovering near a record low of 4,455 tonnes hit in August, while LME nickel stocks fell to their lowest since January 2020 at 181,368 tonnes.
Fundamentals
LME aluminium hits its highest since August 2008 at $2,886.50 a tonne and ShFE aluminium increased as much as 2.8% to 22,870 yuan a tonne, a level unseen since March 2008, on supply worries in China and Guinea.
LME copper increased 1.2% to $9,499 a tonne, LME tin advanced 1.1% to $33,665 a tonne, ShFE copper rose 1.7% to 69,980 yuan a tonne, and ShFE tin hit a record high of 256,960 yuan a tonne.
China's major copper smelters lifted August refined cathode output by 2.7% from the prior month, encouraged by higher treatment charges and rising prices for byproduct sulphuric acid, state-backed research house Antaike said on Thursday.
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