Nickel prices shoot up in Asia<\/p>\n
SINGAPORE (Reuter): Nickel prices shot up in Asian trade
\nyesterday to US$7,215\/20 at 0225 GMT after three-month metal
\nclosed on the London Metal Exchange (LME) on Monday at $7,025 on
\nnews workers at Inco Ltd.'s Sudbury nickel smelter in
\nCanada have voted to strike.<\/p>\n
\"That's why nickel is already up almost $200 in Asian trade,\"
\na senior dealer for a European metal trading company in Singapore
\ntold Reuters.<\/p>\n
The union representing the 4,670 workers at Inco Ltd's Sudbury
\noperations at the nickel giant's mining, smelting and refinery
\noperations in Sudbury and the refinery in Port Colborne in
\nOntario, Canada voted on Monday to reject a tentative contract
\ndeal.<\/p>\n
\"I think nickel is going to go up to $7,300 on the LME,\" the
\ngeneral manager of a Japanese metal trading company said. \"They
\n(Inco) have a very big share of the nickel market.\"<\/p>\n
Another dealer said three-month nickel should easily climb to
\n$7,220 later on Tuesday on the LME.<\/p>\n
The Ontario division was expected to produce about 230 million
\npounds of nickel, about 200 million pounds of copper and about
\nfour million pounds of cobalt.<\/p>\n
In the copper market, dealers were divided over the impact of
\na report from Shanghai on Tuesday that China's Central Reserve
\nBureau has no immediate plans to sell copper.<\/p>\n
Copper prices are expected to regain a toehold above the
\n$2,500 a ton level later on Tuesday on the LME after the red
\nmetal closed on Monday at $2,485 a ton.<\/p>\n
Three month copper was quoted by the trade at 0400 GMT at
\naround $2,492\/97 a ton.<\/p>\n
\"Copper should benefit from the coattails of nickel,\" one
\ndealer said. \"It might try to get back above $2,500. It seems to
\nbe consolidating and building a base around $2,500.\"<\/p>\n
\"I feel copper should firm up slightly,\" a Japanese dealer
\nsaid. \"We should see some consolidation at the $2,500 level.\"<\/p>\n
In another development, rumors were swirling in the trade that
\nup to 40,000 tons of zinc will be arriving in Singapore from
\nChina.<\/p>\n
\"There's a rumor that there's 40,000 tons of zinc coming here
\nin the next few weeks. The rumor has it that the Chinese smelters
\nhave given about 40,000 to 50,000 tons of zinc to the merchants
\nto sell,\" a dealer said.<\/p>\n
Traders estimate that about 10,000 tons of zinc remain off-
\nwarrant in Singapore.<\/p>",
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