Nickel prices rose 34.9% in the first quarter of this year, outperforming other metals traded on the LME, on buying triggered by expectations of stronger demand from stainless steel mills.
On a global basis a strong improvement in demand and it is becoming widely spread than just the Asian regions. LME data in recent weeks has shown a dominant position controlling between 50-80% of cash warrants.
People are still sceptical of the demand recovery but also uncertain as to the economic outlook and sustainability of the recovery in the global economy.
Crude oil prices edged lower in choppy trading as a stronger dollar and mixed economic data pulled crude back from earlier gains that followed robust economic data from China.
The euro was on track for its largest one-day fall in three weeks against the dollar as concern about how Greece will manage its debt resurfaced and helped offset the negative impact earlier of strong Chinese data on the greenback.
Surging economic growth in China could prompt a revaluation of the Yuan, which boost oil demand as China's buying power of dollar denominated commodities increases. An unexpected 24,000 jump in the number of U.S. workers filing new jobless benefit claims tempered sentiment, but an expansion in New York state manufacturing to a six-month high kept optimism about the economy bolstered.
Gold firmed as worries over Greek debt levels pulled some safe-haven flows back into the market and as technical support above $1,150 an ounce proved strong, though dollar strength limited its gains.
Gold priced in euros benefited from the single currency's losses as Greece's debt woes moved into sharp focus, lifting demand for the precious metal a safe store of value.
