Nickel rises in London on lower stockpiles
Saturday, 19 Jul 2008
It is reported that Nickel climbed in London as withdrawals from stockpiles signaled demand may be strengthening. Nickel for delivery in three months rose USD 300 or 1.5% to USD 20,700 a tonne.
According to the London Metal Exchange's daily inventory report, stockpiles of nickel dropped by 2.1%, the biggest decline since February 1st 2007.
Mr Stephen Hardcastle of UK Sucden Ltd said that a European stainless steel production may be improving, indicating more demand.
Mr Randy North a metals trader at RBC Capital Markets in London said that “The only evidence we see of a rebound is steady outflows of LME stocks. Our contacts in the physical markets tell us that consumer activity is healthy. However, material is easy to come by.''
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