#Nickel hits highest since 2014 as stockpiles dwindle
LONDON, Sept 9 (Reuters) – Nickel prices rose to their highest since 2014 on Thursday as strong demand eats into stockpiles held in the London Metal Exchange (LME) warehouse system.
Benchmark LME nickel CMNI3 was up 2.2% at $20,150 a tonne at 1100 GMT after touching $20,255, its highest since May 2014.
“The demand side is pretty robust (and) supply is tight because of earlier lockdowns, particulary in places like Indonesia,” said independent analyst Robin Bhar.
“We’ve seen LME and Shanghai stockpiles being drawn down as a result,” he added, predicting that nickel would rise above its 2014 peak of $21,625.