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[Ni] CBI Morning Review - 2009/4/7 Nickel Market
SHANGHAI, Apr. 7 (CBI China) -- Yesterday, base metals continued to rise significantly due to optimistic sentiment in early trading. However, the price began falling sharp due to profit-taking of the long investors in European times, and the nickel price fell around USD 10,500/mt. The vice president of Norilsk predicted the average price of nickel in 2009 will be USD 10,000/mt, with nickel demand down 250kt compared to 2008; in addition, the copper industrial meeting held in Chile also reached a result that the demand except in China continued to be weak, and the investors were reconsidering the reasonable copper price. The metals prices are likely to fluctuate widely due to weak fundamentals and the U.S. dollar depreciation. The nickel price will meet more severe downward pressure after the fluctuations, still with the possibility of surge.
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