Price update, nickel

By Staff -- Purchasing, 7/15/1999

Nickel prices have rallied 35% so far this year after several producers cut output. Production reductions came after nickel fell in December to its lowest level since 1988. Nickel makes steel resistant to rust. "Nickel looks promising as demand for stainless steel has been good and nickel stocks are following a downtrend," says Kevin Norrish, minerals economist at Barclays Capital in London. In fact, stocks are at their lowest level in two years. But price tags are nowhere near their 1995-1997 peak. At $2.45/lb, futures contracts for September are even with current spot prices.

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