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Nickel hits 2-year low

Thu 24 Jul 2008

Nickel fell below $20,000 a tonne on Thursday for the first time in just over two years on weaker stainless steel demand, while copper prices eased on a strengthening U.S. dollar and weak macroeconomic data.

London Metal Exchange nickel dropped 3.8 percent to $19,250 a tonne, its lowest since June 2006, at mid-session.

On Wednesday it closed at $20,000, after falling 2.7 percent on weaker demand from stainless steel producers, accounting for about two thirds of global nickel demand.

Source Reuters London 

 

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