EconomyCopper rises more than 1% at open and nickel...

Copper rises more than 1% at open and nickel climbs to maximum since 2014

-

- Advertisement -

Lima, January 11, 2022Updated on 01/11/2022 09:51 am

Nickel prices hit their highest level in more than seven years on Tuesday as global inventories point to strong demand, while a disruption on the London Metal Exchange (LME) weighed on trading.

Ads
- Advertisement -

The nightly power outage in the world’s largest industrial metals market lasted five hours and made activity difficult because some operations were not carried out, according to traders.

“Last night’s break in the LME played a part, and we think some short positions were broken overnight.”Said Sucden Financial’s head of research Geordie Wilkes.

- Advertisement -

Prices of stainless steel, which is the source of most of the nickel supply, rose because producers cut production for maintenance. Production is also expected to be slowed by the Spring Festival holiday and the Beijing Winter Olympics, as industries have been asked to cut production during the event.

The 3-month benchmark nickel price on the LME was up 3.3% to US $ 21,490 a tonne as of 13:06 GMT, its highest level since May 2014.

The stronger dollar weakness also boosted commodities priced on the greenback, making them more attractive to holders of other currencies.

Ads

In other base metals, copper on the LME was up 1.1% at US $ 9,675 a ton; aluminum was up 1.1% at $ 2,970; zinc added 1.7%, to US $ 3,535; lead advanced 0.5% to US $ 2,288; and tin was up 0.7% at $ 40,375.

.

- Advertisement -
spot_img

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Debanhi Escobar case: State prosecutor will deliver the case of the murdered young woman to the FGR

The Attorney General's Office of Nuevo León, in the north of Mexicoagreed this Thursday to the Attorney General of...

This Janet Jackson song was crashing Windows XP laptops when played

In the era of Windows XP, a certain song caused laptops to crash when played: Janet Jackson's “Rhythm Nation”...

LA Galaxy vs Seattle live: what time and what channel broadcasts the game on MLS

LA Galaxy will collide with him Seattle Sounders F.C. for matchday 26 of Major League Soccer 2022 this Friday,...

North Korea refuses to denuclearize despite aid offered by Seoul

The powerful sister of the leader north korean Kim Jong Un criticized on Friday as “the height of...

Today’s matches, August 19: TV schedule to watch football live

Where and how to watch football live? The activity in the king of sports does not stop and...

Collision of two aircraft at California airport reports fatalities

Two small aircraft collided this Thursday at an airport in Californiareported local authorities, with a report of multiple deaths.Federal...

Must read

You might also likeRELATED
Recommended to you