Nickel miners see further upside

Nickel miners see further upside

UPDATE 2.40pm: Nickel miners continued to enjoy solid share price rises today after the price of the steel-making commodity climbed to a 14-month high overnight.

The latest price spike was prompted by concern that the collapse of an accord to ease tension between Ukraine and Russia might lead to disruptions in global supply that was already curbed by an Indonesia export ban.

Nickel for delivery in three months climbed 2.2 per cent to settle at $18,325 a metric ton at the close of trade on the London Metal Exchange.

Earlier in the session, the price reached $18,350, the highest since February 18 last year.

Prices have climbed 32 per cent already this year.

Western Areas was up 14 cents, or 3.47 per cent, to $4.17 at the close while Panoramic Resources was up 1.5 cents, or 2.36 per cent, to 65 cents.

Mincor Resources, which released a bullish quarterly report this morning, was up 5.5 cents, or 6.18 per cent, to 94.5 cents at the close.

Meanwhile explorer Poseidon Nickel continued its recent steady climb to be up 1.4 cents, or 14.58 per cent, at 11 cents.