what the heck happened today, page-4

Well, a little reading has given me some hope for the rest of the week:

Today's official LME nickel closing prices - cash - $14.06/lb 3 month buyer - $14.33/lb (5.4% lower than 1/1/07)
Baltic Dry Index - plus 104 to 9,474.
LME nickel inventories - plus 168 tonnes into Rotterdam, Netherlands warehouse, minus 12 tonnes shipped from Rotterdam, plus 60 tonnes into Gothenburg, Sweden (haven't heard from them in awhile), and minus 78 tonnes from Busan, South Korea
Typically, the last day of a quarter sees some movement in nickel prices, and today was no different. For most of the morning, nickel was quiet on the plus side, but then profit takers took over and drove the price down. With new fund money looking for a home next week, we could see today as a momentary breather. But with prices almost falling thru the $30,000 tonne barrier, we could see that barrier re-tested again, although the price rebounded pretty hard when it got dangerously close. It's anyone's guess at this point. With China shut down and on holiday next week, we don't expect to hear much in the way of ground shattering news. October is also the time for mining companies to issue their third quarter earnings reports, which will also help guide the market. Yet for today, another quarter goes down in the history books, and three month LME traded nickel closed at $13.79/lb ($30,400/tonne)