Expected Supply Glut Drops Nickel Prices

Reuters reported on base metals trading on Wednesday noting nickel is dropping on expected oversupply of the metal.

As quoted in the market news:

Nickel was almost steady at $17,826 a tonne after hitting a 2012 trough on Tuesday at $17,779 on prospects of a supply glut. The global nickel market was in supply surplus by 7,100 tonnes in January 2012, the latest monthly bulletin from Lisbon-based International Nickel Study Group showed.

Click here to read the full Reuters report.