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Norilsk Falls to Seven-Week Low as Nickel Drops on European Woes
Nov. 15, 2011 01:53PM PST
Base Metals Investing
Bloomberg reported OAO GMK Norilsk Nickel (LSE:MNOD,MCX:GMKN) fell to its lowest level in almost seven weeks on worries demand will fall.
Bloomberg reported OAO GMK Norilsk Nickel (LSE:MNOD,MCX:GMKN) fell to its lowest level in almost seven weeks on worries demand will fall.
As quoted in the market news:
The Moscow-based company’s American depositary receipts dropped as much as 7.5 percent to $16.58, the lowest intraday level since Sept. 28, before trading 6 percent lower at $16.85 by 1:23 p.m. in New York. Nickel declined as much as 1.4 percent on the London Metal Exchange to $17,550 a ton, a six-week low, as Italy struggled to form a new government and Italian and Spanish government bond yields surged.