
Nickel CMNI3 rose to $24,385 a tonne, just below its
21-month high of $24,498 a tonne hit on Monday.
Funds have been active in nickel. Latest LME data showed a
dominant position controlling between 50 to 80 percent of cash
warrants. [LME/WC] The discount between the cash and three-month
contract MNI0-3 was at $35 a tonne, versus $83 on March 1.
Market sources said New-York based hedge fund Touradji Capital
Management was betting on improved demand for nickel, helping the
material used in stainless steel outperform other base metals this
year. [ID:nLDE62S0ZI]
Tin CMSN3 also gained to reach a two-week high and was last
at $18,370 a tonne from $18,025.
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