Base Metals: Nickel Dips On Oversupply

Reuters reported on base metals trading on Thursday as nickel prices dipped on news showing a five month oversupply of the metal.

As quoted in the market news:

…nickel dipped 0.31 percent to close at $16,050 a tonne.

Analyst Andrew Keen at HSBC in London cut his 2012 forecast for nickel by 10 percent to $18,030 a tonne, but said the market may temporarily tighten later in the year.

Click here to read the full Reuters report.