Last time nickel reached 23.00The last time nickel reached 23 dollars there was a crescendo of irrational exhuberance in markets. That was around the time of the so called hollowing out of Canada. INCO, falconbridge. Algoma steel, Dofasco, Reynolds (aluminum smelters) and Alcan. Oh and Tim Hortons if I recall correctly. I am not sure the public realized at the time how much wealth was being generated in Canada by mining companies with no assets in Canada.
The event that drove Class 1 nickel to its peak (2-3 dollar jump in price) was a ship full of concentrate from the falconbridge smelter leaving the port of Quebec City for Norway. It ran a ground in the st lawerence seaway and speculators and markets went nuts.
I was young then but have never forgot. Nickel pulled back below 20 once markets realized how insignificant the cargo was in terms of global supply. It was all down hill after that. Slowly, but down hill.