METALS-Nickel leaps to highest since October 2019 on steel boom
By Reuters Staff (Updates prices, recasts) LONDON, Dec 10 (Reuters) - Nickel rose more than 4% on Thursday as resurgent demand from Chinese steel mills and a rapid rally in iron ore futures fuelled a rush of speculative buying, pushing prices above $17,500 a tonne for the first time since October 2019. Used in stainless steel, nickel shot up just as the Shanghai Futures Exchange (ShFE) began trading at 1300 GMT, with the benchmark contract on the London Metal Exchange (LME) leaping almost $700 in around an hour to a high of $7,505. By 1645 GMT, LME nickel was up 4.1% at $17,390. LME copper al...
Source: reuters.com