Nickel closed at a 14-month high Monday. The Motley Fool said the strong nickel rally was good news for investors in supplier Vale and BHP Billiton, which is looking to offload its nickel business at the right time.
The price of Chinese primary nickel closed Monday, April 21 at CNY 120,800 ($19,391) per metric ton, halting its three-day flat run with a 2.5 percent shift. The price of Chinese 304 stainless steel scrap continues hovering around CNY 16,400 ($2,633) per metric ton for the fifth day in a row. The price of Chinese 316 stainless steel scrap saw little movement at CNY 16,100 ($2,584) per metric ton. The price of Chinese 304 stainless coil saw essentially no change for the fifth day in a row, remaining around CNY 16,400 ($2,633) per metric ton. For the fifth consecutive day, the price of Chinese 316 stainless coil held flat at CNY 26,000 ($4,174) per metric ton.
For the fifth day in a row, the price of Chinese ferro-chrome remained essentially flat at CNY 8,300 ($1,332) per metric ton. The price of Chinese ferro-moly was unchanged at CNY 145,000 ($23,276) per metric ton.
On Monday, the Indian nickel cash price rose 0.3 percent to hit a 30-day high at INR 1,088 ($18.04) per kilogram. The nickel 3-month price steadied at $17,950 per metric ton following two-days of increases on the LME. The spot price of nickel ended a two-day climb, settling at $17,980 per metric ton on the LME.