More inflation news:
Nickel surges past $15,000 to 14-year high
Wed Dec 17, 6:30 AM ET
By Kevin Morrison
Nickel prices on Wednesday reached another 14-year high as it surged past $15,000 a tonne, only a day after breaking through the $14,000 level.
The soaring nickel price is driven by fears of metal shortages and the possibilty of strike action (news - web sites) at Falconbridge's nickel operations in Sudbury, Ontario. The Canadian mine produces about five per cent of the world's nickel.
The three-month nickel price hit a peak of $15,050 a tonne in trading on the London Metal Exchange, the world's largest non-ferrous metal exchange. Nickel prices have risen $1,550 or 11.5 per cent in the past two days, and is up 110 per cent since the start of the year, the sharpest rise for any traded metal this year.
The metal is now less than $4,000 short of the record $19,000 reached in March 1988. Nickel has risen more than $4,000 in the past two months. Other base metal prices including copper and aluminium were also higher.
Platinum (news - web sites) reached another 23-year high of $838 a troy ounce.
Gold was trading at $407.50/$408.00 a troy ounce, marginally higher on its late quote in New York on Tuesday.
Oil prices were firmer just ahead of the weekly US crude inventory report. IPE Brent for February delivery, which became the new front-month contract after the expiry of January on Tuesday, was 22 cents up at $30.19 a barrel. January Nymex WTI gained 10 cents to $32.99 a barrel. |
