Uranium rose to the highest in more than two years after China Guangdong Nuclear Power Co. agreed on long-term supply with the two largest producers and expectations Asia’s biggest economy will boost its reactor-building targets.
Nickel’s roller-coaster ride this year isn’t over, according to Goldman Sachs Group Inc., which expects the highest prices in two years to prompt expanded capacity for smelting and discourage purchases by steelmakers.
Copper imports by China, the world’s largest buyer, are set to fall “sharply” over the next quarter after as much as 300,000 metric tons of the metal were stocked up in the country since September, Goldman Sachs Group Inc. said.
Nickel jumped the most since 2012 as OAO GMK Norilsk Nickel, the world’s largest producer of refined metal, said the global market will swing to a deficit next year. Copper in London rose to a 10-week high.