May 17 (Reuters) - Nickel prices in London rose to their highest since September 2023 on Friday, boosted by funds inflow and supply disruptions worries in New Caledonia.
Three-month nickel on London Metal Exchange (LME) jumped 4.5% to $20,680 by 0615 GMT, while the most-traded July nickel contract on the Shanghai Futures Exchange (SHFE) jumped 5.2% to 153,470 yuan.
French police reinforcements have started arriving in New Caledonia as part of a massive operation to regain control of the capital Noumea, the top French official in the Pacific island territory said.
New Caledonia is one of the major nickel mining regions in the world.
Earlier in the session, LME nickel climbed 5.1% to $20,800 a ton, its highest since September 2023. SHFE nickel surged as high as 5.6% to 153,970 yuan, a high level unseen since October last year.
Other base metals also rose, as funds bought metals to hedge against sticky inflation, and on supply disruptions, demand growth outlook amid the global transition into a green economy, and prospects of U.S. rate cuts.
LME copper rose 0.7% to $10,495.50 per metric ton, aluminium increased 0.8% to $2,607.50 a ton, zinc advanced 1% to $2,988, and tin rose 0.9% to $34,040
SHFE copper rose 2% to 84,000 yuan a ton, aluminium rose 1% to 20,895 yuan, zinc increased 0.6% to 23,840 yuan, lead increased 0.2% to 18,740 yuan and tin advanced 1.1% to 277,250 yuan.
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DATA/EVENTS (GMT)
0900 EU HICP Final MM, YY April
($1 = 7.2209 yuan) (Reporting by Mai Nguyen in Hanoi; Editing by Janane Venkatraman )
