Nickel Traders Probably Added to Bets That Prices Will Decline
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Nickel traders probably added to wagers on falling prices last week as the number of outstanding futures contracts climbed to the highest in at least seven years at the same time as prices declined.
Open interest in London Metal Exchange nickel futures rose by 9,160 contracts to 176,378 lots in the week to July 12, the highest level since at least September 2005, exchange data today show. Nickel for delivery in three months, the benchmark contract, declined 5.5 percent over the period. One contract is for 6 metric tons of the metal used to make stainless steel.