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Nickel in London Rises to Two-Year High on Supply Concern

12 May 2014

Nickel extended gains to the highest price in two years on speculation that supplies of the metal used to make stainless steel will be tighter and prices will rise further in coming months.

The contract for delivery in three months on the London Metal Exchange rose as much as 4.9 percent to $20,870 a metric ton, the highest since February 2012, and was at $20,580 at 4:17 p.m. in Tokyo. The price rose 9 percent last week, the most since February 2010.

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