Nickel up as base metals are mixed
by Elaine Frei
The price of three-month nickel was up $300 to $11,700 per tonne in late afternoon trade in London Wednesday on the possibility that production cuts will tighten supplies.
Copper prices were also higher as March copper added 1 cent to $1.50 per pound in New York and three-month copper gained $60 to $3,370 per tonne on the London Metal Exchange.
Other base metals prices were mixed as aluminium added $40 to $1,380 per tonne but zinc dropped $1 to $1,144 per tone and tin was down $55 to $11,445 per tonne.
Prices for precious metals was also mixed on the session.
April gold was $11.40 lower to $890 per troy ounce as some investors sold their stocks of the metal after prices rose above the $900 level on Monday and Tuesday.
Gold also declined as its demand as a safe haven declined on higher equities markets.
March silver was down 21 cents to $11.96 per troy ounce, but April platinum added $4.70 to 4961.50 per troy ounce in afternoon trade in New York.
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