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Nickel rallies above US$10,000 a tonne

Staff Reporter | 6:22 AM |
Nickel has rallied above US$10,000 (K31,164) a tonne on persistent concern over a Philippines mining crackdown, while other metals have been boosted by bets that Beijing will announce further economic stimulus.
London metal Exchange nickel hit $US10,185 a tonne, within sight of the eight-month high of US$10,410 (K32,441) touched on July 4.
The stainless steel ingredient has jumped 30 per cent from the 13-year lows hit in mid-February.
It closed with a 1.6 per cent gain at US$10,045 (K31,304).
Bellwether copper closed 0.8 per cent higher at US$4750 (K14802).
It has lagged zinc, nickel and tin in recent weeks but has begun consolidating, with a near-term floor around US$4680 (K14,585).
In top metals consumer China, shares rose after muted inflation data raised expectations that Beijing will announce more stimulus this year.
“The Chinese inflation figures published at the weekend are clearly having a supportive effect,” Commerzbank said in a note.
The emergence of a single candidate to succeed David Cameron as British prime minister reduced political uncertainty, helping to push up global equities. – AAP