Nickel Headed for Largest Weekly Gain Since 2010

Bloomberg reported that nickel is on track for its biggest weekly rally in four years on the back of Vale SA’s (NYSE:VALE) suspension of production at its Goro nickel processing plant in New Caledonia.

As quoted in the market news:

Nickel for delivery in three months climbed 3.6 percent to $20,100 a metric ton at 5:17 p.m. on the London Metal Exchange. A close at that level would leave prices up 10 percent this week, the biggest advance since February 2010.

Prices earlier reached $20,500, the highest since February 2012. Nickel trading on the LME rose to a record yesterday.

Click here to read the full Bloomberg report.