ZOID RESEARCH 19-JUNE-2014 : NICKEL

Nickel dropped for a second day as the U.S. Federal Reserve continued stimulus cuts and record inventory indicated ample supply. Nickel for delivery in three months on the London Metal Exchange fell as much as 2.4 percent to $18,290 a metric ton and was at $18,401 at 11:26 a.m. in Shanghai. The metal, used in stainless steel, gained 32 percent this year, the most on the bourse, amid concern that supplies will decline after Indonesia, the biggest producer of mined nickel, banned raw-ore exports in January. LME inventories of nickel jumped 6.7 percent, the most since April 2009, to a record 305,970 tons, bourse data showed yesterday. Stocks swelled 17 percent this year. The Fed trimmed bond-buying by $10 billion for a fifth straight meeting and repeated rates will stay low for a “considerable time.”

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