NGLOY - Industrial metals on the move as China cuts bank reserve requirement

Nickel prices jump to their highest in four months, while copper, aluminum and other industrial metals also are rising after China said it will cut the amount of cash that banks must hold as reserves to boost economic recovery.Benchmark LME nickel +2.1% to $18,720/ton, its highest since March 3, copper +2.3% to $9,535/ton and aluminum +2% to $2,490.50/ton.Potentially relevant tickers include [[RIO]], [[BHP]], [[VALE]], [[AA]], [[FCX]], [[SCCO]], [[GLCNF]], [[GLNCY]], [[AAUKF]], [[NGLOY]]ETFs: [[COPX]], [[CPER]], [[DBB]], [[JJCTF]], [[JJC]], [[JJN]], [[JJM]], [[JJU]], [[JJT]], [[JJUB]]"If you're worried about growth, then maybe nickel is a good insurance policy," consultant Robin Bhar tells Reuters. "We're going to need nickel for batteries in electric vehicles and energy storage regardless of the business conditions because we have to go green."Citi analysts recently raised their three-month price forecast for LME nickel to $20.5K/ton, citing indicators showing emerging market tightness.Metals prices have been dropping this week on worries that a

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Industrial metals on the move as China cuts bank reserve requirement