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Nickel Price Hits Peak At $26,600

The price of nickel struck a record of $26,600 per ton on July 12 -- the highest point since the base metal was first listed in 1979. Nickel has broken records on a daily basis over the past week on the back of soaring investment fund demand and falling global stocks.

On the London Metal Exchange (LME), three-month nickel prices have surged by 56% in less than a month.

"Nickels performance is due to the perception of its ever-tightening fundamentals. LME stocks have fallen rapidly so far this year," Barclays Capital analysts said.

Nickel, a metal used to help prevent corrosion, has risen in line with other metals amid tight supplies and keen demand.

Copyright Agence France-Presse, 2006

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