Lead Heads for Largest Weekly Loss Since 1988 in London; Nickel Declines

(Bloomberg) -- Lead headed for its biggest weekly
drop since at least 1988 after traders judged that last week's
record high no longer reflected the outlook for supply. Nickel
also declined, while copper rose.

Lead surged more than 15 percent last week after an
explosion cut output at Doe Run Resources Corp.'s Herculaneum
smelter on July 13. The smelter will resume full production next
month and lost supply is likely to be small, said analysts
including Stephen Briggs at Societe Generale in London.


Read more at Bloomberg Commodities News

Goldman Sachs Says Nickel May Decline to $25,000 a Ton as Stockpiles Swell

(Bloomberg) -- Goldman Sachs Group Inc., the
world's largest securities firm by market value, said nickel may
fall to as low as $25,000 a metric ton as inventories continue
to rise ``in the coming weeks.''

Stockpiles of nickel tracked by the London Metal Exchange
soared 76 percent in the past two months to 12,642 tons, the
highest since June 22, 2006, according to exchange data. Nickel
for delivery in three months has lost 35 percent since trading
at a record $51,800 a ton on May 9. It was at $32,450 a ton as
of 9:17 a.m. London time today.


Read more at Bloomberg Commodities News

Lead Falls From Record in London as Gains Judged Overdone; Tin Rises

(Bloomberg) -- Lead fell in London after investors
judged that gains that took the metal to a record for a sixth
consecutive session were overdone. Nickel rose and tin climbed
the most in more than two months.

The gains in lead had been ``way too over-extended'' and
the metal was poised to fall, Robin Bhar, an analyst with UBS AG
in London, said today in a report. ``Despite these supply
concerns there is no actual shortage of metal in the physical
markets.''


Read more at Bloomberg Commodities News

Lead Rises to Record for 6th Straight Day on Supply Concern; Nickel Gains

(Bloomberg) -- Lead rose to a record in London for
a sixth consecutive session on speculation that production will
fail to meet demand after a U.S. smelter was damaged by an
explosion. Nickel also climbed.

Doe Run Resources Corp., the world's second-largest lead
refiner, said yesterday that a blast at its Herculaneum smelter
in Missouri cut the plant's output by half. Lead's advance this
year has outpaced other industrial metals traded on the London
Metal Exchange as supplies from Australia were disrupted by a
pollution investigation.


Read more at Bloomberg Commodities News

Nickel Drops to Six-Month Low in London as Stockpiles Rise; Copper Falls

(Bloomberg) -- Nickel declined in London to the
lowest in almost six months as rising stockpiles of the metal
indicated a slowdown in demand growth. Copper fell from a two-
month high and zinc also dropped.

Inventories of nickel, used in stainless steel, increased
72 tons to 9,954 tons, the London Metal Exchange said today in a
daily report. They have soared 50 percent in 2007.


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Copper May Fall in London on China Concern; Nickel Heads for Weekly Drop

(Bloomberg) -- Copper may fall in London on
speculation demand growth in China, the metal's largest user,
will slow after the nation bought more than it needed earlier
this year. Nickel headed for a third straight weekly drop.

Purchases of refined copper and alloy dropped to 121,383
metric tons last month, from 192,069 tons in April, according to
revised figures issued by the Beijing-based customs office
today. The drop, 5 percentage points more than preliminary data
reported on June 15, was the biggest since October.


Read more at Bloomberg Commodities News

Nickel Trades Near Lowest in Three Months as Use Slows; Copper, Zinc Fall

(Bloomberg) -- Nickel traded close to a three
month-low low in London on speculation swelling stockpiles are a
signal demand from stainless-steel producers is slowing. Copper
and zinc also dropped.

Inventories of nickel tracked by the London Metal Exchange
have risen 36 percent this year to an 11-month high. Stainless
steelmakers consume two-thirds of the world's nickel. Outokumpu
Oyj, the world's third-largest producer, is cutting output
because of slowing demand for the alloy.


Read more at Bloomberg Commodities News

Copper Falls in London on China Interest-Rate Speculation; Nickel Drops

(Bloomberg) -- Copper fell in London on speculation
that interest rates in China and the U.S. will increase, curbing
demand in the world's largest users of the metal. Nickel and
zinc also dropped.

China's inflation accelerated at the fastest pace in more
than two years in May, the National Bureau of Statistics said
today, increasing the likelihood the central bank will raise
rates for a third time this year. U.S. monetary policy makers
will next decide on interest rates on June 28. Higher borrowing
costs usually slow investments.


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Norilsk says Full-Year Profit More Than Doubles on Record Nickel Prices

(Bloomberg) -- OAO GMK Norilsk Nickel, the world's
biggest producer of nickel and palladium, said full-year profit
more than doubled on record metal prices and the spinoff of gold
assets.

Net income rose to $5.97 billion, or $31.7 a share, from
$2.35 billion, or $11.7 a share, a year earlier, the Moscow-
based miner said today in a statement on its Web site. Sales
climbed 61 percent to $11.6 billion.


Read more at Bloomberg Emerging Markets News

Nickel Falls to 10-Week Low After Exchange Changes Rules; Copper Advances

(Bloomberg) -- Nickel fell to a 10-week low, erasing
its leading position this year on the London Metal Exchange, as
stockpiles rose and the bourse imposed new rules to curb what one
analyst described as ``collusive'' trading.

Two or more companies each holding 25 percent or more of
LME-monitored nickel stockpiles now need to make more metal
available to other buyers. Inventories tracked by the LME
increased 2.4 percent to 8,604 tons, the highest since July 10.


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Xstrata extends expiry time on offer for Lionore

(Reuters) - LionOre Mining said on Thursday that Russian Norilsk
Nickel's takeover bid
for the company was superior to a rival, C$6.2 billion offer by
Xstrata.




Read more at Reuters.com Mergers News

Nickel steadier after sharp falls, vulnerable

(Reuters) - Nickel steadied on Thursday, after losing more than 10 percent in the past three days but analysts see scope for more selling as cutbacks at stainless steel mills and rising stocks weigh on prices.

Nickel for three months delivery on the London Metal Exchange edged down to $46,000/46,200 a tonne, down $200 from Wednesday, when it shed 4.1 percent.


Read more at Reuters Africa