GREY:LBEFF - Post by User
Post by
dellrey6666on Apr 11, 2011 9:49pm
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Post# 18416840
Ni futures jump....
Ni futures jump....While LBE is fixing its environmental issues & "re-tuning" mgt... the market is moving ahead ....
Three countries dominate the top three spots in terms of nickel deposits:
Russia is the world’s leading country for nickel productionand Russian mining giant Norilsk Nickel is the world’s largestproducer. Most of the countries nickel production (an amazing one-fifthof global production) is from Norilsk - the largest nickel sulfidedeposit in the world.
Canada is the world’s second largest nickel producingcountry. Most of the countries nickel currently comes from the ThompsonNickel Belt in Manitoba, the Sudbury Basin of Ontario, and the Ungavapeninsula of Quebec.
Vale SA, a Brazilian company and the world’s second largestmining company by market value, said its total nickel output will becut by about five percent this year as it repairs a damaged furnace inCanada. The company, whose goal is to become the world’s top nickelproducer in 2011, said on February 7th 2011 the No. 2 furnace at itsCopper Cliff nickel plant in Sudbury, Ontario would be shut down for atleast 16 weeks.
On the announcement nickel futures jumped to their highestprice in almost three years - nickel for three month delivery climbed$660, or 2.3 percent, to settle at $29,150 a metric tonne.