Mining News

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

Base metals are heating up yet again, with nickel reaching $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 amid the global recovery from the pandemic with all the main London Metal Exchange contracts in backwardation — a condition in which prices for cash delivery are higher than futures — signaling 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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