Norilsk Nickel Slides Most in a Week as Copper Retreats

Aug. 18 (Bloomberg) –OAO GMK Norilsk Nickel, Russia’s largest mining company, fell the most in a week after copper dropped as estimates showed inventories of the metal in China may have rebounded.

The shares retreated 3 percent to 6,504 rubles by the 6:45 p.m. close in Moscow, their biggest fall since Aug. 8.

Copper futures for December delivery slid 6.6 cents, or 1.6 percent, to $3.987 a pound on the Comex in New York. Inventories may have gained by about 100,000 tons since June to 400,000 tons, according to estimates from traders and analysts in China.