By Ese Erheriene
LONDON--Nickel futures were much lower on the London Metal
Exchange on Tuesday, amid analyst reports that workers striking at
a BHP Billiton mine are likely to return to work shortly.
BHP Billiton couldn't immediately be reached for comment.
The LME's three-month nickel contract was down 1.6% at $13,330 a
metric ton in early afternoon European trade.
"The strike at the Cerro Matoso mine in Colombia could soon come
to an end, which would mean more material reaching the global
nickel market again," said Commerzbank.
The strike was considered moderately price-supportive by market
participants, however, the return of this additional flow to an
already oversupplied market will likely depress prices further.
Meanwhile, aluminum was higher on the back of sustained market
optimism.
The LME's three-month aluminum contract was up 1.4% at $1,862 a
ton. Among other base metals, copper was up 0.3% at $6,084 a ton,
zinc was up 0.1% at $2,301 a ton, lead was up 0.02% at $2,100.50 a
ton, though tin was down 0.9% at $16,100 a ton.
Write to Ese Erheriene at ese.erheriene@wsj.com
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