ASX 200 nickel miners at record highs

ASX 200 nickel producers South32, IGO and Nickel Mines have all reached record highs today.
ASX 200 nickel miners at record highs ASX 200 nickel miners at record highs ASX 200 nickel miners at record highs ASX 200 nickel miners at record highs ASX 200 nickel miners at record highs

London Metal Exchange cash nickel hit US$22,229.75 per tonne overnight, a 10.5-year high.

London broker SP Angel noted that Shanghai nickel prices hit $25,584/t yesterday, the highest on record.

LME nickel stocks stand at 99,744t, the lowest level since December 2019, while Shanghai nickel stocks are near their August 2021 record low of 4455t.

After its market value went through A$9 billion for the first time yesterday, IGO shares rose as high as $12.64 today, a new record.

The company was last trading 3% higher at $12.37.

Rapidly growing Indonesian producer Nickel Mines gained 4.5% to $1.62, a new record, pushing its market capitalisation through $4 billion.

The company is already up 11% so far in 2022.

While nickel only accounts for about 5% of Macquarie's net present value for South32, its shares also reached a new record of $4.28.

The stock was last 3.8% higher at $4.245.

The company is also heavily exposed to aluminium, copper and lead-zinc, which were also up overnight.

Pure-play nickel miner Western Areas, which recently agreed to a $1.1 billion takeover by IGO, was trading near four-year highs.

Among the developers, Mincor Resources hit a 12-year high, while Centaurus Metals was at an eight-year high.

Elsewhere in the ASX 200, copper miner OZ Minerals, lithium majors Allkem and Pilbara Minerals and rare earths producer Lynas Rare Earths, also hit record highs.