Nickel cash price above $50,000 per tonne
by Brian Turner

Base metals prices were higher on Monday due to low supplies and high demands.
Copper hit its highest price of the year so far, reaching $6,650 per tonne at one point in the session after a statement by BHP Billiton (LSE: BLT; NYSE: BHP; ASX: BHP) that higher demand in China would put pressure on the market in the years second quarter. Last year, second quarter prices for copper neared $9,000 per tonne, setting a new record at $8,790 per tonne. BHP added, however, that the second half of the year will likely bring surpluses.
The cash price for nickel went above $50,000 for a time, the first time that has ever happened, as inventories in London Metal Exchange warehouses fell to 2,550 tonnes. Three-month nickel prices were down from Friday’s price to $46,600 late in the day on the LME, bringing the rise in nickel prices so far this year to 40 percent.
Tin prices breached $14,000 per tonne during the session, for the first time since the 1980s. The price of tin is up 22 percent since the beginning of the year.
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