Nickel's spectacular rally hits buffers, but copper soars

From af.reuters.com

Nickel prices fell on Friday as a two-week explosion of speculative buying which pushed the metal used in stainless steel to its highest in more than a year appeared to run out of steam. Copper meanwhile surged to a two-month high as investors ramped up bets that U.S. interest rates will fall. Benchmark nickel on the London Metal Exchange (LME) was down 1.5% at $14,635 a tonne at 1019 GMT, but up almost 9% this week. Prices have surged by close to 20% in two weeks and on Thursday touched $15,115, the highest since June 2018. “The rally was driven by technical and speculative buying,” said Commerzbank analyst ... (full story)