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Nickel hits new record high for second day

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NYBob Member Level  Friday, 03/09/07 01:52:57 AM
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Nickel hits new record high for second day running -
Source: AFX
Thu, Mar 8 2007 –


Nickel surged to a new record high for a second day running,
as the metal remained supported by critically low stocks
and strong demand from the stainless steel sector.

Also, a tentative recovery in global equity markets was underpinning prices in all metals, analysts said.
London shares opened firmer this morning while over in Asia,
the Nikkei and the Hang Seng index both closed higher.

Last week, a global equities slump sparked by a 9 pct plunge
in the Chinese stock market last Tuesday sent base metals
prices lower on fears slower global economic growth
might crimp demand.

At 10.43 am, LME nickel for 3 month delivery was at 42,700
usd a tonne, hitting a new all time high of 43,150 usd
Yesterday, the metal hit what was then an all time high
of 42,350 usd.

'Nickel is continuing where it left off yesterday and the day
before based on strong fundamentals, (LME) stocks are
down again today ... stainless steel sector demand is
strong,' said BaseMetals.com analyst Martin Hayes.

Stainless steel demand accounts for about 70 pct of total
nickel consumption, and Hayes said there is very little
evidence this demand is abating or that manufacturers
are looking to substitute.

He added there also is very little new supply scheduled
to come on stream any time soon and that this, along with
the factors listed above, point to 'higher numbers down
the road'.

The LME said in a daily report that its nickel stocks fell
222 to total 3,426 tonnes.
This leaves less than 3,000 tonnes available to the market –
equivalent to less than a day's worth of global consumption.

Tin was up at 13,700 usd a tonne against 13,600 usd at
the close yesterday, still benefiting from news out
yesterday Indonesia is considering export quotas to put
a floor of 12,000 usd a tonne under prices.

'Tin is the other metal we like as we think the market has
not taken on board the extent of the potential
disruptions,' said BaseMetals.com analyst William Adams.

Tin has surged to ever higher record levels this year
as authorities in Indonesia, the world's largest tin
exporter, have begun a clampdown on illegal tin mining.

Lead was up at 1,880 usd a tonne against 1,850 usd at
the close yesterday, underpinned by news of a blast at
a Zinifex lead smelter at Port Pirie in Australia.

Copper was up at 6,305 usd a tonne against 6,140 usd at
the close yesterday, aluminium was up at 2,745 usd
against 2,730 usd while zinc was up at 3,400 usd against
3,360 usd.



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