Another new high for nickel as inventories remain low

Metals prices were on the rise again on Thursday, with gold adding $7 to $652.10 per troy ounce after rising as high as $655 per troy ounce during the session.

In base metals, nickel managed another record high and added $850 on the day, closing at $42,850 per tonne after rising to a record $43,300 per tonne earlier in the session. Prices on nickel have been supported by very low inventories as well as by predictions of strong demand for stainless steel.

Copper, meanwhile, came very close to its high so far this year when the three-month price rose to $6,320 per tonne on the London Metal Exchange during the session.