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Macquarie Group Says Financing for Nickel “Hoovering Up” Supplies
Mar. 16, 2013 12:02AM PST
Base Metals Investing Bloomberg reported that Macquarie Group Ltd said the financing accords that involve nickel help absorb a glut of the metal used in steel production and supporting prices.
Bloomberg reported that Macquarie Group Ltd said the financing accords that involve nickel help absorb a glut of the metal used in steel production and supporting prices.
As quoted in the market news:
While $15,000 a metric ton should represent a floor this year based on fundamentals, prices are unlikely to fall below $16,000 because of the extent of financing of stockpiles, said Jim Lennon, head of commodities research at Macquarie in London. Nickel for delivery in three months fell 1.7 percent to $16,935 at 4:53 p.m. on the London Metal Exchange.