Nickel price jumps as copper spikes higher

Nickel price jumps as copper spikes higher

Sunday, August 6th 2006

Nickel futures rose 6.6 percent on Friday to touch $26,000 a tonne, supported by sharp gains in copper as threats to the supply of both metals lifted prices. At 1500 GMT nickel was quoted at $25,950/26,250 versus $24,400 at Thursday’s London Metal Exchange (LME) close. Nickel hit a record $26,850 in July. Copper earlier spiked 7.4 percent higher to $7,999.

A strike at Inco’s Voisey’s Bay 54,000 tonne-per-year nickel mine in Canada and the looming deadline to avert a walk-out at the world’s largest copper mine, Escondida in Chile, had lifted metals markets, dealers said.

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