ET declared that price of nickel moved up by 16% WoW this week against the previous week due to production cuts and investment purchasing. Nickel futures on London Metal Exchange closed up 16% at USD 12,725 per tonne after making a high of USD 12,844.

According to base metals analyst Ms Reena Walia from Angel Commodities, stated:

Severe production cuts have pulled out around 20% of nickel supply from the market and this is the real cause for the rise in prices rather than improvement in demand.

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