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Nickel spikes on panic short covering

By Chris Flood

Published: August 16 2006 11:19 | Last updated: August 16 2006 17:54

Nickel continued to dominate action in commodities on Wednesday as the cash price of the metal spiked to $35,000 a tonne.

Dealers reported panic short covering - the third Wednesday of the month and the most important day for open interest. The ‘TOM/next’ premium allowing short positions to roll over one day surged to $1,000 a tonne from about $100 just weeks ago.

Although London Metal Exchange nickel inventories rose 354 tonnes to 6,162, tonnes cancelled warrants - metal already earmarked for delivery - rose to 77.7 per cent of LME stocks. The supply situation is extremely tight as global inventories have shrunk to less than one day’s worth of world consumption. Three-month nickel rose 6.4 per cent to a record $29,200

Edited by OnlyMe

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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