Base Metals Advance on Optimism Greece Set to Avoid Sovereign Default

Bloomberg reports base metals are up as investors remain hopeful that Greece won’t default and increased confidence in the economy.

The market news is quoted as saying,

Prices are at risk of reaching a “bear-case scenario” of $10.42 per pound ($22,976 a ton) this year on “greater than anticipated levels of substitution from nickel pig-iron production in China,” analysts Peter Richardson and Joel Crane, wrote in a report today. Three-month nickel, trading at $22,345 a ton, has averaged $25,628 this year.

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