Shanghai nickel prices climbed more than 4 percent on Thursday as falling Chinese output stoked supply worries, while easing fears over US policy tightening also lent support.
The most-traded September nickel contract on the Shanghai Futures Exchange jumped as much as 4.3 percent to 146,380 yuan ($22,603.11) a ton, the highest since Aug. 3.
Three-month nickel on the London Metal Exchange rose as much as 1.4 percent to $19,635 a ton, a level unseen since Aug. 2.
China’s refined nickel output in January-July fell 15.7 percent year-on-year to 91,723 tons, state-backed research house Antaike said on Wednesday.
ShFE nickel inventories were last at 6,707 tons, down 80 percent from the same time last year.
Meanwhile, the dollar eased slightly as a cooling in consumer inflation tempered bets for an earlier tightening of US monetary policy. — Reuters
