Nickel prices up again while other metals decline

Metals prices were mostly lower on Wednesday. The major exception was nickel, which added 2.5 percent to $44,700 per tonne after falling back from $44,800 per tonne, another new record. Steelmakers have begun to cut back on their purchases of nickel as prices have soared. Inventories are still at extremely low levels and concerns continue that an active cyclone season in Australia could interrupt supplies.

Elsewhere in base metals, Copper dropped 0.2 percent to $6,205 per tonne even though London Metal Exchange inventories dropped by 1,975 tonnes during the day. Aluminium prices were 0.4 percent lower to $2,714.5 per tonne as LME stockpiles dropped by 350 tonnes.

Gold prices dropped by 0.5 percent to $640 per troy ounce.