Nickel Investing News reports nickel prices fell more than 60% this year as the global slump has got nickel miners scaling back.

Nickel hit a record high of $51,800 a tonne in 2007, and is now selling around $10,300 a tonne on the LME. Analysts estimate that the collapse in nickel prices has prompted production cutbacks of more than 100,000 tonnes on an annualized basis, equivalent to around 6 per cent of global capacity. However, skeptics question whether this will be enough to offset the collapse in stainless steel demand.

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