Nickel prices rose from an eight-month low hit in the prior session, as some investors considered recent sell-offs as overdone and hopes grew governments would roll out stimulus measures to contain the economic fallout of the coronavirus epidemic.
Three-month nickel on the London Metal Exchange (LME) rose as much as 3.5 percent to $12,685 a ton, rebounding from an eight-month low hit on Friday.
The most traded nickel contract on the Shanghai Futures Exchange (ShFE) SNIcv1 advanced as much as 2.9 percent to $102,160 yuan ($102,160.00) a ton, after hitting its lowest level in nearly eight months in the previous session.
“Nickel prices dropped too much in the last two weeks, compared to other base metals. Any good news can push up prices,” said a nickel trader.
Top nickel ore producer Indonesia aims to start the benchmark floor price for the material by late March, which the trader said lent some support to nickel prices. – Reuters
