April 16 (Bloomberg) -- Nickel, used to make stainless steel corrosion-resistant, advanced to the highest level in 23 months on speculation the market will swing into deficit for the first time in four years as a recovering economy boosts demand.The metal for three-month delivery gained as much as 0.6 percent to $27,400 per metric ton, the highest price since May 2008, and traded at $27,312 a ton at 1:52 p.m. in Singapore. Tin rose to the highest price since Sept. 18, 2008, while aluminum and zinc fell after China announced measures to cool the real- estate market.
Nickel has jumped 60 percent in 10 weeks and more than doubled in the past 12 months as the fastest growth in almost three years in China, the biggest user, boosts consumption of stainless steel in homes, buildings and the food and chemical industries. Shares of OAO GMK Norilsk Nickel, the world’s largest producer of refined nickel, have soared 149 percent in the past year.
Outlook Bullish
“Although we may see a correction, the outlook for nickel will remain bullish in the second quarter when stainless steel output grows,” said Hwang Il Doo, a senior trader with KEB Futures Co. in Seoul, today. “Stockpiles have been declining amid production disruptions at Vale’s Sudbury and BHP’s Nickel West Leinster operations.”
The nickel price is still 47 percent below the record $51,800 a ton on May 9, 2007. More...
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