Nickel sees longest losing streak since 2001

Nickel capped the longest slump in 13 years, as inventories climbed to an all-time high, signaling ample supplies as the economy slows in China, the world's top metals consumer. Stockpiles monitored by the London Metal Exchange (LME) climbed 15 per cent since September 1, reaching a record on Friday. Prices have slumped for seven straight weeks, the longest streak since July 2001. Lower costs for nickel, used in stainless-steel production, can benefit consumers such as car makers and appliance manufacturers, including Whirlpool Corp. Nickel fell into a bear market last month on signs that output will meet demand even after Indonesia, the world's largest producer of the metal from mines, implemented a ban on exports of unrefined ore in January.