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Nickel declines to 3 month low on signs of slowing demand

It is reported that Nickel fell to the lowest in more than three months on London Metal Exchange on signs that demand for the nickel has probably slowed down while its supply increased.

Orders for the nickel to be withdrawn from London Metal Exchange monitored stockpiles dropped by 8.6% to 444 tonne exchange data known as canceled warrants. This has brought the decline this month to 32%. Nickel inventory has also jumped 90% so far in June.

As per report the metal has lost 11% since June 6th 2007 the day before the LME tightened regulations to ensure stockpiles tracked by the exchange aren't concentrated on the hands of a few companies.

Mr Andrew Silver a trader at Natixis Commodity Markets Ltd said that prices probably will drop further as supplies grows. He said "Current prices are still too high."

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