LONDON -- Nickel prices rose to the highest levels for 31 months in world commodity markets Wednesday, but a special metal, antimony, fell to the lowest for a generation.
On the London Metal Exchange, prices ended at $8,090 a metric ton, up $210 or 2.7 percent from Tuesday, having set highs of $8,130.
Analyst Maqsood Ahmed of LME ring dealer Credit Lyonnais Rouse said gains were partly options-related, while also reflecting fresh buying by investment funds. Also, many participants had been caught short.
"They never thought it would get this high, they have been selling from around $7,700 and saw the market go against them. ... They have been forced to cut their losses and that triggered panic buying, which pushed the market higher," he said.
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