LME Nickel Hits Record $50,000/Ton On Fresh 2Q Fund Inflow

LONDON--Fresh second-quarter allocation of funds has pushed three-month nickel to a new record high of $50,000 a metric ton on the London Metals Exchange Thursday.

As of 0904 GMT, the LME-three month nickel contract was trading at $49,990 a ton.

A further stock drawdown of 312 tons from LME warehouses added to bullish sentiment, a broker said, leaving stocks available to nickel consumers at 4,812 tons, a little over one day's supply.