Inco to buy more metal<\/p>\n
NEW YORK (Reuter): Inco Ltd., the Canadian nickel producer,
\nsaid it will have to buy more metal on the LME because of its
\nproduction shortfall in the third quarter.<\/p>\n
Inco said earlier today its third quarter nickel production
\nwas 12 million pounds or 5,443 tons lower than planned because of
\nstart-up problems after shutdowns in Canada, and some equipment
\nfailure at Inco's 58 percent owned subsidiary, PT International
\nNickel Indonesia.<\/p>\n
Inco spokesman Bob Purcell said all output is pre-sold. "We
\nexpect to make up the lion's share of that loss in the fourth
\nquarter," Purcell said.<\/p>\n
"We routinely buy a large quantity of product off the LME,"
\nPurcell said.<\/p>\n
Inco plans to produce about 400 million pounds of nickel this
\nyear or 181,437 tons, compared to 345 million pounds or 156,489
\ntons in 1994.<\/p>\n
Purcell was unable to put a figure to the overall shortfall in
\n1995. "But it will not be a lot below target," he said.<\/p>\n
Inco sells about 500 million pounds of nickel year - the
\nbalance made up from other sources including LME stocks.<\/p>",
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