Contract tags up 50% for ’07 nickel delivery
Dec 14, 2006 | 01:39 PM
| Meghann McDonell
Nickel contract prices for 2007 have shot up as the metal continues to trade at record prices on the London Metal Exchange.
"Contracts are being booked at rates about 50 percent higher than last year," one trader said. "With nickel prices being where they are, the cost of contracts is significantly more."
The alloying metal's backwardation also has lent support to the heightened booking rates, traders said.
Nickel climbed to an all-time high Thursday on the LME, with three-month metal ending the final kerb session at $34,725/$34,750 a tonne (bid/ask), up an average of $1,462.50 from the previous day's close at $33,250/$33,300 a tonne. The cash-to-three month backwardation stood at $800/$900 a tonne Thursday.....
To access AMM's full content, please log in below. If you do not have an AMM account, we invite you to take a free trial or subscribe below.
Already a registered amm.com user?
Access to amm.com editorial content is granted only to paid subscribers and trialists. If you do not have an active account in your own name, please either subscribe or take a trial and you will have instant access to amm.com content. Sharing your login credentials with individuals who are not subscribers represents a violation of AMM copyright.
Every morning, every minute — no matter how often you follow the markets, there's an AMM subscription to fit your needs.
Subscribe Now
Click Here
Not sure if you are ready to invest in a subscription right now? Take a free, no-obligation trial. Start your free trial today.
Take a Free trial
Click Here