Nickel shoots to $22,000/t

THERE were good sessions for base metals in London at midweek, with gains across the board.
Nickel shoots to $22,000/t Nickel shoots to $22,000/t Nickel shoots to $22,000/t Nickel shoots to $22,000/t Nickel shoots to $22,000/t

Goro nickel mine in New Caledonia

Staff Reporter

The standout was nickel, which rose 5% to $21,986 per tonne, the highest level since late 2011. Liquidity hub Marex attributed the gain to a surge in stainless steel prices.
It said the strength in the broader base metals complex was due to Chinese restocking ahead of the Beijing Olympics next month.
"Clearly onshore is still facing uncertainty around the latest Covid surge with two cities now in lockdown," it said.
"So we note on the wires, China's leadership sending a call for an urgent infrastructure push - alluding to the surmounting obstacles and growth stabilisation taking precedence while boosting domestic consumption."
Tin was trading at $40,798/t, near an all-time high.
The US dollar fell and gold rose to $1822 an ounce after Federal Reserve chair Jerome Powell promised to tackle inflation.
Oil rose 3.8% to $81.22 a barrel, the highest level since mid-November.