nickel prices gaining at mid - morning

  1. 252 Posts.
    Ni is still gaining in price,

    hopefully by our close, will will be holding some healthy gains

    LME nickel sets bullish tone at midsession
    Mon June 2, 2003 09:10 AM ET
    LONDON, June 2 (Reuters) - London Metal Exchange (LME) nickel continued to dazzle at Monday's midsession, bolstered by a strike at Inco Ltd N.TO ., the western world's largest nickel producer, and giving a leg up to the rest of the complex, traders and analysts said.
    Three-months nickel MNI3 surged to its highest level since June 2000 at $9,235 a tonne in Monday's second open-outcry rings, sharply up from $8,890 at Friday evening's kerb close and surpassing the year's high of $9,140 reached on February 26.

    Inco's production at Sudbury, Ontario stopped on Sunday as workers blocked access to the huge mining facilities that produce about nine percent of the world's nickel.

    The workers walked off the job at 0400 GMT Sunday when their labour contract expired without a new agreement with Inco after two months of talks.

    "Because of the extraordinarily tight conditions for the nickel market, we think further price gains are likely with $9,480 the next target," Ingrid Sternby, base metals analyst at Barclays Capital, said.

 
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