Nickel surged 6 per cent to a two-year high yesterday on news of a mine closure and positive trade data from China.
The metal, used to make stainless steel, has been one of the best-performing commodities this year, with prices rising more than a third after Indonesia banned the export of nickel ore in January. As buyers in China have been scrambling to secure material for processing plants, speculators have rushed in.
Supply concerns mounted yesterday when Vale suspended work at its Goro operations on the Pacific archipelago of New Caledonia after a spill. The mine had been expected to produce about 40,000 tonnes of nickel this year, out of a total worldwide production of about 2m tonnes.
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