Nickel Reaches Record High
Nickel hit a new record high Monday due to worries about supplies. Three-month nickel on the London Metal Exchange was quoted at $41,100/$41,200 a ton by 5:52 a.m. ET, below a new record high of $41,275, and compared with Friday's close at $40,900. Strong demand from stainless-steel mills, supply disruptions and project delays have all boosted nickel prices, which have climbed nearly 70% since January 2006. Nickel inventories in LME warehouses stand at around 3,500 tons, but only around 1,880 – half a day's global consumption – are available to the market.