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Article: Sell-off hits metal prices.(Brief Article)
- Article from:
- Mining Journal
- Article date:
- October 20, 2000
CopyrightCOPYRIGHT 2000 Mining Journal Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Metal prices on the London Metal Exchange got off to a bad start this week as traders returned to their desks after the `rigours' of LME week. The snowball effect of Middle East tension, pushing oil prices higher and causing trepidation in the global equity markets, plus a strengthening of the dollar and the weakening of other currencies, all had a negative impact on prices.
The sell-off was initiated by technically driven commodity trade advisers in the US, and amongst the metals worst hit was nickel. The three-months price slumped to US$6,920/t, its lowest level for twelve months. Nickel's slump came despite the ongoing strike at Falconbridge's Sudbury ...