Nickel prices at new peak

In the metals markets on Wednesday, spot nickel prices rose $350 per tonne to a new high of $24,000 per tonne, while three-month nickel was up to $23,000 per tonne, close to a record high. The price gains came as inventories in London Metal Exchange warehouses dropped to 9,258 tonnes on Wednesday. Nickel stockpiles have dropped by nearly 75 percent since the end of 2005, primarily due to supply disruptions.

Three-month copper dropped $60 to $7.350 per tonne.

Among precious metals, gold hit a one-month high of $630.50 per troy ounce in Asian trade after news of North Korea’s missile tests. However, by late in the day in London, prices settled at $624.10/$624.70 per troy ounce, a gain of $2.50 for the session.