LME metals rally in early trade, nickel at new peak
Wed Jul 12, 2006 10:03 AM GMT
LONDON (Reuters) - Base metals were buoyant in early European trade on Wednesday, with copper regaining $8,000/tonne for the first time in five weeks, while nickel struck a fresh record high.
By 0734 GMT, three month nickel futures were at $25,900 a tonne in London Metal Exchange (LME) electronic trading, up from Monday's close of $25,650. Prices earlier hit a fresh all-time peak of $26,000.
Copper futures rose to trade at $8,000 a tonne, up $100. Prices are still some way off the all-time high scored in May at $8,800.
Nickel prices have shot higher in the past month, gaining 45 percent, as funds and consumers have bought on supply fears.
"There is no material around and $30,000 is not impossible," a European trader said.
