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Strategies & Market Trends : Commodities - The Coming Bull Market -- Ignore unavailable to you. Want to Upgrade?

To: craig crawford who wrote (613)	7/24/2001 9:55:22 PM
From: craig crawford	Read Replies (1) \| Respond to of 1643

Waning nickel demand hits Inco profit marketwatch.com By Martin Cej, CBS.MarketWatch.com Last Update: 4:26 PM ET July 24, 2001 TORONTO (CBS.MW) - Inco Ltd., one of the world's largest nickel and copper miners, said its second-quarter profit fell by more than half, dropping below analysts' average expectations, amid sliding commodity prices and waning demand. ......................................................................................................................... The company said sales dropped to $583 million from $837 million while the average price it received for nickel during the period fell to $7,065 a ton from $9,979 a ton a year ago. The price of copper, considered one of the best leading indicators for swings in global industrial production and manufacturing, slipped to $1,707 a ton from $1,830. ............................................................................................................................... Nickel demand and realizations continue to reflect the downturn in a number of market areas, " said Deputy Chairman and Chief Executive Officer Scott Hand in a prepared statement. "While current nickel market conditions are soft, we continue to believe the supply-demand conditions will be quite favorable as we move out of this current business downturn." .......................................................................................................................... The decline in nickel deliveries "was due to lower demand from the stainless steel industry given the production reductions in that industry, and lower demand in Japan where manufacturing activity has weakened, especially in the electronics and telecommunications industries. .......................................................................................................................... The company added that for every change of 10 cents per pound in the price of nickel, up or down, Inco's earnings per share over that year would rise or fall "by about 15 cents."