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Gold/Mining/Energy : Falconbridge Ltd.( T.FL )
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To: Condor who wrote ()5/31/2000 8:22:00 AM
From: Condor  Read Replies (1) of 103
 
Nickel prices:
I have to think that this price drop is WAY overdone given the continuing drop in LME inventories.
It strikes me that a buying opportunity exists. However...I have been wrong before <g>.......

Globe says nickel tumbles on labour peace at Inco
Inco Ltd N
Shares issued 181,702,011 May 30 close $24.55
Wed 31 May 2000 In the News
The Globe and Mail reports in its Wednesday, May 31, edition that the price
of nickel plunged 11 per cent yesterday after speculators concluded that a
new labour agreement between Inco and the United Steelworkers of America
would be ratified. The Globe's Allan Robinson writes that the volatile
commodity dropped 51 U.S. cents a pound on the London Metal Exchange to
$4.15, its lowest level since early February. Nickel traded at $4.80 a
pound on May 18, which was close its 10-year high. Traders appear to have
concluded that the chance of a severe nickel shortage would be reduced if
Inco's agreement with the union is ratified. Yesterday's drop in price was
the largest one-day percentage decline since September, 1988. It was
unclear whether the downward pressure was a result of new short selling or
unwinding of nickel positions by traders. With the turbulence in the
market, some traders would be buying nickel at what they see as temporarily
cheap prices, while others might decide to hold off buying in anticipation
that prices could go lower. Analysts say the underlying demand for nickel
remains strong.
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