A couple days ago LME essentially defaulted on copper contracts and resorted to price fixing...
...and now nickel is heading the same direction.
With a nickel being 75% nickel and 25% copper, that puts the melt value of a nickel at $0.095. Might as well just round that up to 10¢
London Metal Exchange moves to stem draining copper reserves
Inventories of the metal have fallen this month to their lowest levels in 47 years
www.ft.com
...and now nickel is heading the same direction.
Nickel price surges to highest in seven years as supply dwindles
BloombergNEF expects the nickel price to remain elevated above $18,000, although it will continue to underperform copper and aluminum.
www.mining.com
With a nickel being 75% nickel and 25% copper, that puts the melt value of a nickel at $0.095. Might as well just round that up to 10¢