London, Nov. 12 (Bloomberg) -- Nickel surged 12 percent, its
biggest gain in more than 13 years, after production cutbacks by
copper producers fueled speculation that miners of other metals
may reduce output to boost prices.
``The funds are less bearish'' following cutbacks announced
last week by Codelco, the world's biggest copper producer, and BHP
Billiton Group, said Robin Bhar, an analyst at Standard Bank in
London.
Nickel for delivery in three months rose $595, or 12.2
percent, to $5,485 a metric ton on the London Metal Exchange. That
was the biggest one-day gain since March 1988, and its highest
level for 10 weeks. The metal has gained 21 percent in the past
three sessions, paring its loss for the year to 19 percent.
Copper rose $18, or 1.3 percent, to $1,426 a ton.
As I post this spot copper is up $69.75 a tonne. |
