LME nickel prices fall to two months maximum

LME nickel prices fall to two months maximum

Beijing July 25, according to foreign media reports, nickel prices in London fell for the highest level in two months due to stainless steel producers to reduce the use of nickel. Copper, aluminum and tin prices also fell.

As of 16:45 local time until the London Metal Exchange (LME) three-month nickel contract price for delivery in 1201 U.S. dollars fell to 18,749 U.S. dollars per ton, down 6% from May 22 is the highest since the decline is June 20, 2006 now has the lowest price.

China's largest stainless steel producer in Shanxi Taigang Stainless Steel Co., Ltd. said today that the company plans to produce more products with low nickel content. The world's fourth-largest stainless steel maker Outokumpu Group (Outokumpu OYJ), said nickel prices down by weakening demand and the impact of the construction industry, the company's dealers have delayed purchases.

Barclays Capital commodities analyst in London Sudakshina Unnikrishnan said: "stainless steel industry, there are no positive trends. China, the United States and Europe weakened demand for nickel."

LME nickel prices fell this year, 28%, is the six LME industrial metals in a decrease in the maximum, because the nickel price in May 2007 51,800 U.S. dollars per ton on the contact record high, the stainless steel producers began to reduce The use of nickel. Outokumpu Group said the drop in prices of nickel inventories of the Group's value decline, leading to its first-quarter operating loss suffered.

LME copper prices fell 190.25 U.S. dollars up to 7889.75 U.S. dollars per ton, down 2.4% since June 13 is the lowest price today. According to the daily LME inventory data, the exchange of copper inventories rose 1,425 tons to 130,875 tons, or 1.1%.

LME Lead prices fell 42 dollars to 2,170 U.S. dollars per ton, down 1.9%; aluminum prices down 47 dollars to 2,959 U.S. dollars per ton; of zinc fell 75 dollars to 1,850 U.S. dollars per ton; the price of tin fell 750 U.S. dollars to 22,350 U.S. dollars per ton.

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