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MARKET TALK: LME Nickel Regains $50,000/Ton; Spreads Tight

Wednesday, May 16, 2007
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LME 3-month nickel last trades at $50,701, up $101 from PM kerb, after jumping overnight on short-covering; came after news of Norilsk Nickel closing Russian Dudinka port for annual flooding, says Standard Bank. Nickel spreads move out, pointing to tight availability, with cash-to-three-month spread at $3,800/ton backwardation, up from $2,885.

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