Price of nickel nears $50,000 per tonne

Most metals prices were higher this week, the main exception being zinc, which ended the week just about where it began, trading at $3,260 per tonne as inventories rose and as China increased exports.

Tin prices were 1.5 percent higher on the week to $13,850 per tonne as stockpiles in London Metal Exchange Warehouses dropped to their lowest point since late 2005 and there were questions over when or if Bangka Island smelters will return to production. Meanwhile, aluminium added 3.5 percent this week to $2,812.5 per tonne on the shutdown of a smelter in Ghana that produces 400,000 tonnes per year.

The price of copper gained 8 percent on the week, to $6,620 per tonne, on inventories declines and the return of China to the market. High demand and low inventories helped nickel prices to rise 12.5 percent over the week to $47,700 per tonne, with prices as high as a new record of $48,550 per tonne during the day on Friday.

Gold added 0.4 percent to $652.50 per troy ounce.