BANGKOK -- Amid concerns in the mining sector that prices for metals and ores may not yet have found the bottom of the market, there may be light at the end of the tunnel for nickel, despite record high inventories being held by the London Metals Exchange.
The price of nickel, which is one of the main ingredients in stainless steel, peaked at $51,780 per metric ton in the heady, pre-global financial crisis days of 2007. It then fell to $8,850 per metric ton in October 2008 before climbing back to $28,410 by Feb. 2011, according to the commodities reference site Indexmundi.com.
