Nickel hits its highest price in 23 months

Recovery boosts demand amid talk that market will swing into deficit

TOKYO - Nickel, used to make stainless steel corrosion-resistant, advanced to the highest level in 23 months on speculation the market will swing into deficit for the first time in four years as a recovering economy boosts demand.

The metal for three-month delivery gained as much as 0.6 percent to $27,400 per metric ton, the highest price since May 2008, and traded at $27,312 a ton at 1:52 pm in Singapore. Tin rose to the highest price since Sept 18, 2008, while aluminum and zinc fell after China announced measures to cool the real-estate market.