LME nickel 3 months price hit US$17,660/ton (US$8.010/lb) accompanying its spot price hitting US$17,600/ton (US$7.983/lb), the highest since October 11 this year.

The 3 months price peaked at US$18,860/ton, since when it continued to decline to US$15,855/ton of November 5. Then it started budging around US$16,000/ton in a narrow range before a pick-up during the afternoon of November 16 and continued its upward move to reach US$17,300/ton at the end of November. The upturn was due to some encouraging factors for the world economy such as the progress in talks for solution of Greece's debt problem in Europe and the prospect that measures will be somehow agreed in U.S. within December. These factors prompted speculative funds to flow into the futures market.

On the first business day of December, the 3rd, 3 months price had once made US$17,720/ton but was pulled down day by the weaker U.S. economic indices than expected to its opening price at US$17,650/ton later in the day.

 

Source-Tax Report