Nickel, along with zinc, could see a boost on the heels of the Chinese government cracking down on the steel industry.
According to a recent report from Reuters, nickel and zinc prices reached their highest point in more than two weeks with China cutting down on production of both metals.
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“The Chinese government is becoming quite aggressive in targeting environmental problems,” Oxford Economics commodities analyst Dan Smith told Reuters.
With supply in China in question, industrial demand for nickel continues to gain momentum, pushing prices for the metal up, along with prices of aluminum and zinc, according to a recent report from the Economic Times.
On the Multi Commodity Exchange, nickel for delivery in May rose by 0.6%, the Economic Times report stated.
Nickel Price Forecast for 2017
Nickel prices at future trade are also being supported by a boost in demand from alloy producers in the spot market, according to the news source.
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