Nickel Prices Leap to Highest Level in Over Two Years
- Stronger economic data in the U.S. and China has helped metals
- Commerzbank warns speculation may have pushed prices too high
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Nickel climbed to a two-year high and copper extended gains to the highest since September 2014 as bets on tighter markets, especially in top user China, buoyed metals after their longest run of weekly gains in a decade.
Nickel advanced as much as 2.9 percent to $12,380 a metric ton on the London Metal Exchange, its highest since June 2015. Copper climbed as much as 1.3 percent to $6,924 a ton. Most metals rose after the LME Index of six contracts capped an eight-week advance on Friday -- one short of a record run in 2006.