Bloomberg reported that nickel open interest climbed to the highest since at least 2005 as factories that make stainless steel ramp up production.

According to Bloomberg data, the total open interest was 98,672 contracts on July 10th 2009, the most since at least November 2005.

Mr David Wilson analyst at Societe Generale SA in London said that "It is quite possible that the stainless steel mills are rushing into buy nickel now on the expectation that nickel prices are going to rise. Everybody is expecting higher prices next year."

(Sourced from www.bloomberg.net)