The world nickel market was in 54,100 tonne surplus in 2008, the World Bureau of Metal Statistics said. Mine production was down 1.3 per cent at 1.54 million tonnes in 2008 while refined production fell 5.9 per cent to 1.37 million tonnes due to lower mining output in China and Japan. Refined production in 2008 was 1.37 million tonnes and demand was 1.32 million tonnes. World demand fell 2.8 per cent in 2008. No allowance is made in the consumption calculation for unreported stock changes. In December nickel smelter production was 115,800 tonnes and consumption was 105,100 tonnes.

Print this page Posted on : 02-24-2009 by recycleinme.com

Copper rallied nearly 5 per cent and lifted other industrial metals on Monday as the dollar weakened and sentiment improved after a report that the US Government could increase its stake in Citigroup.

Copper for three-months delivery on the London Metal Exchange rose as high as $3,300 a tonne and was at $3,235 a tonne by 1139 GMT.

''The Citigroup announcement is producing a relief rally in stock markets. The dollar's falling and these factors are all supportive for metals,'' Calyon analyst Mr Robin Bhar said.

Mr Bhar said a fall in copper inventories after Friday's big jump was also positive. Physical copper stocks in LME warehouses fell 950 tonnes, but stand at 544,650 tonnes, their highest in more than five years.

Three-month aluminium was at $1,310 a tonne from Friday's close of $1,305. Zinc edged up to $1,107.50 from Friday's close at $1,105 a tonne.

Key stainless steel ingredient nickel rose to $9,600 from $9,495 a tonne. Lead eased to $1,028 from $1,030, and tin was lower at $10,500 from $10,525 a tonne.

Source : Business Line