London Nickel Slips from Six-month High

Bloomberg reported that nickel in London fell from a six-week high due to speculation that for now the metal is not in short supply.

As quoted in the market news:

‘For now, there is still a small surplus,’ Nic Brown, head of commodity research at Natixis in London, said by e-mail. ‘There is no indication that either candidate would reverse the current export ban on unprocessed raw materials,’ he said of the ballot.

Nickel for delivery in three months slid 2 percent to $19,472 a ton at 1:23 p.m. on the London Metal Exchange after reaching $19,990 yesterday, the highest since May 20. The number of futures contracts outstanding is near a 12-week low reached last month after climbing to a record on May 13, the same day nickel touched this year’s high.

Click here to read the full Bloomberg report.