blame bhp for metals price collapse wednesday.
http://www.theage.com.au/articles/2004/10/14/1097607372448.html
BHP spooked the copper market when it said world supplies of copper would surpass demand in the second half of 2005 as miners increased production. BHP is spending more than $US2.2 billion ($A3 billion) to expand its own production 47 per cent by 2008.
Mr Michelmore unsettled the nickel market when he said the high nickel price ($US7.17 a pound) raised concerns about the profitability of the end users, stainless steel manufacturers.
"I get concerned when prices go too high," he said. "A $US4 to $US6 a pound range should be sustained over the next couple of years with the physical supply and demand balance."
On cue, the market took the nickel price down by $US1.20 to $US5.97 a pound.
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BHP Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
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