Metals Rally Heats Up as Nickel Hits $24,000 on Supply Snarls
- China monetary easing bolsters sentiment and demand outlook
- Nickel market at tightest since 2007 as LME boosts monitoring
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Base metals rallied, with nickel touching $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 as the world recovers from the pandemic. All the main London Metal Exchange contracts are in backwardation -- a condition in which prices for cash delivery are higher than futures -- signaling supply constraints.