Vale to Lose 5% of Nickel Output After Furnace Shut

Business Week reports that Vale SA (NYSE:VALE) announces that the company’s total nickel output will be cut by about 5 percent this year.

The market news is quoted as saying:

Nickel for delivery in three months climbed $660, or 2.3 percent, to settle at $29,150 a metric ton at 7:06 p.m. on the London Metal Exchange, after earlier rising as much as 2.8 percent, the highest price since April 30, 2008.

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