Norilsk pegs ’09 nickel low at $9,400/T
Dec 02, 2008 | 12:22 PM
| Mick Bowen
MMC Norilsk Nickel expects nickel prices to fall to "no less than" $9,400 per tonne next year as miners continue to cut production to keep prices afloat in the face of diminishing demand, company executives said during a conference call.
"If I knew the dynamic, I'd be God," said Viktor Sprogis, head of sales at Moscow-based Norilsk. Producers will address the market glut and the lack of demand by reducing output, he added.
Three-month nickel closed at $9,700/$9,705 a tonne (bid/ask) in second-ring trading Tuesday on the London Metal Exchange, its lowest level in five weeks, after opening at $9,800 a tonne and reaching an intraday high of $9,950. Nickel inventories at LME-bonded warehouses stood at 63,966 tonnes as of Tuesday morning, up 156 tonnes from a day earlier.....
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