Norilsk Falls to Seven-Week Low as Nickel Drops on European Woes

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.

Click here to read the full Bloomberg report.