By Ese Erheriene
LONDON--Nickel futures closed up on the London Metal Exchange,
as a strike at a BHP Billiton (BBL) mine got underway.
The LME's three-month nickel contract was up 1.5% at $12,590.00
a metric ton at the PM kerb close.
A strike at BHP Billiton's Cerro Matoso mine in Colombia began
Tuesday at 3pm local time, following a break-down in negotiations.
However, the metal--used predominantly in the production of
stainless steel--hit a fresh six-year low earlier in the session at
$12,205.00 a ton. Oversupply concerns continue to weigh on the
metal.
Elsewhere, the picture was less rosy for copper futures, which
closed down 0.8% at $5,945.00 a ton on the LME.
"Subdued global demand growth and supply surpluses are expected
this year and next, with a weaker Chinese economy and struggling
economic growth in Europe and Japan," said Sucden Financial
The expected range for the metal for the second quarter of this
year is between $5,900-$6,450.
Among the other base metals, aluminum closed up 1.3% at
$1,788.00 a ton, zinc closed 0.6% lower at $2,194.00 a ton, lead
ended the session 0.6% lower at $1,979.00 a ton and tin closed up
1.0% at $16,275.00 a ton.
Write to Ese Erheriene at ese.erheriene@wsj.com
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