A little news from Russia, while we wait for news from Cobalt.
Russia may cut nickel exports
By Gillian O'Connor, Robert Corzine and Paul Solman
Published: July 19 2000 23:18GMT | Last Updated: July 20 2000 21:00GMT
Russia, whose on-off sales tactics have long bedevilled the palladium and platinum markets, is reported to be preparing to apply the same tactics to nickel.
Mining company Norilsk Nickel is thought to be planning to switch exports from nickel to copper during the second half of 2000, according to analyst Jim Lennon at Macquarie Equities.
Sources close to Norilsk, who were unwilling to be named, on Wednesday confirmed Mr Lennon's report to the Financial Times.
Some analysts in London are suspicious of the story. They say the Russians want to get the rumour of imminent export cutbacks into the market, but that it may be part of a campaign to push nickel prices back up, and not necessarily an accurate representation of their export intentions.
Norilsk last year exported around 195,000 tonnes of nickel, and the story suggests it might cut exports by 10 to 15 per cent (around 25,000 tonnes) this year.
Nickel is already expected to be in deficit this year, with supply of some 1,028,000 tonnes 30,000 tonnes short of demand. Official stocks have been falling, though analysts reckon some are being withheld from the market. |
