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Nickel on a high

Nickel is proving to have a good month so far in July.
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Staff reporter

The metal has only dropped once in the past seven sessions, with the price being supported by floods in Indonesia that could impact supply.

LME cash nickel rose another 1.1% to US$13,073 per tonne, the highest level since April.

Nickel is up 3.6% so far this month and up 23.3% since the start of the year.

Copper gained 0.3% to reach a July high.

The MySteel 62% Australian iron ore fines price dipped back below $120 per tonne.

Gold futures lost so momentum after positive US economic data was released.

After trading at as high as $1,429.40 per ounce yesterday, gold dropped to as low as $1,402.80/oz in recent hours, but last traded at $1,406.70/oz.

Australian dollar spot gold was sitting at A$2,015.40/oz. The dollar was buying US69.73c.

The S&P 500 was less than a point off a record close of 3,000 points, though Australian futures were down 26 points before the opening bell.