Metals rally heats up as nickel hits US$24,000 on supply snarls

Commodities: Metals rally heats up as nickel hits US$24,000 on supply snarls - Bloomberg

20/1/2022 3:07:00 PM

Commodities: Metals rally heats up as nickel hits US$24,000 on supply snarls - Bloomberg

SHANGHAI (Jan 20): Base metals rallied, with nickel reaching US$24,000 a ton for the first time in more than a decade and tin notching up a fresh record on supply snarls and China's monetary easing.Metals supplies are dwindling as the world recovers from the pandemic. All the main London Metal Exchange (LME) contracts are in backwardation — a condition in which prices for cash delivery are higher than futures — signalling supply constraints. The nickel market reached its tightest

SHANGHAI (Jan 20): Base metals rallied, with nickel reaching US$24,000 a ton for the first time in more than a decade and tin notching up a fresh record on supply snarls and China's monetary easing.Metals supplies are dwindling as the world recovers from the pandemic. All the main London Metal Exchange (LME) contracts are in backwardation — a condition in which prices for cash delivery are higher than futures — signalling supply constraints. The nickel market reached its tightest since 2007 after a plunge in exchange stockpiles, which prompted closer monitoring from the bourse.

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