Tuesday, August 29, 2006
Nickel inventories drop further; prices still decline
Story link: Nickel inventories drop further; prices still decline
by Brian Turner
by Brian Turner
In the metals markets on Tuesday, gold fell $3 to $610.40 per troy ounce. The World Gold Council said that demand for gold in the Middle East was down by 25 percent in the second quarter.
In base metals, three-month copper was $170 lower to $7,390 per tonne on the London Metal Exchange even though the Escondida mine strike in Chile was into its fourth week. The price of nickel was also down, by $1,150 to $28,250 per tonne for three-month nickel even though inventories in LME warehouses are down to a few hours of global consumption. The cash price for nickel is at $34,000 per tonne.
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