London January 16th news, the London Metal Exchange (LME) in nickel prices on Wednesday hit a 10 week high, due to inventory decline and intertemporal price narrowed implied market supply.
The LME index of nickel fell 0.4%, to $11630 a tonne, had hit the highest level since November 8th 11770 dollars.
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The nickel price has hit 15 months from January 2nd lows of about 10%. Due to the slowdown in economic growth China concerns, industrial metals prices fell more broadly, the price of nickel.
Nickel inventory LME warehouse close to multi-year lows this week, spot price of nickel is after delivery of the contract soared, suggesting recent supply shortage.
But Citibank analyst Oliver Nugent said the price narrowed may be due to temporary factors LME nickel futures contract expires Wednesday monthly.
He added that the nickel market in 2018 slightly short supply 40 thousand tons, to 2019 may be roughly balanced. He is expected by the end of this year, the nickel price will be around $11500.
LME nickel inventories of about 200 thousand tons, less than 2018 at the beginning of the year more than 360 thousand tons, the lowest level since mid 2013.
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Other metals, copper closed at $5970 per ton, up 0.8%,
Aluminum futures rose 0.7%, to close at $1859 per ton;
Zinc rose 1.7% to $2497 per ton;
Lead up to $1975 per ton 0.4%;
The tin was down 0.5% to $20575 a tonne.
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