LME nickel stock touches 10-year high
Posted on December 1st, 2008 by admin
LME nickel stocks on November 26 reached 62,928 tons, even higher than the historical highest point of 62,256 tons in November of 1998.
International Nickel Study Group (INSG) predicted that nickel would continue its oversupply situation in 2009 and the total output is around 1.55 million tons while consumption only 1.44 million tons.
Many analyses indicate the estimated average LME nickel price of 2009 will fall to the level of US$5/lbs, less than one third of its 2007 level.
source: www.yieh.com
Filed under: scrap metal prices
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