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Nickel still climbing

Nickel has risen to its highest level since June 2015.
Nickel still climbing Nickel still climbing Nickel still climbing Nickel still climbing Nickel still climbing

Staff reporter

LME cash nickel closed overnight at US$13,965 per tonne, while three-month nickel was at $14,000/t.

Morgan Stanley said this week fundamental support was shaky for a nickel price of $14,000/t and warned the correction could be as equally as sharp as the lift.

"Our forecast market deficit in 2018 (MSe -45,000t) is easily covered by the 440,000t global inventory," it said.

"We see price supported around marginal cost (MSe $11,133/t), with downside risk from spot in the near-term as supply recovers + demand softens into the Lunar New Year."

Lead was the other big mover, rising by 2.5% to $2686.50/t, its highest price since mid-2011.

Zinc rose to another new 11-year high, eclipsing Monday's record by just $6 to $3606/t.

Cobalt added another $9.50/t to close at a new high of $79,881.50/t as uncertainty remains over the DRC's new mining code.

Tin was lower while copper was flat.

Gold futures were back over $1350 an ounce, while spot gold last traded at $1348.70/oz or A$1677.97/oz.

 

 

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