nickel price stats

Dear All

The following should be noted in calculating your 2006 earnings estimates:

Average nickel price first half 2006 US$17,360

Average nickel price third quarter 2006 US$29,178

Average nickel price fourth quarter 2006 US$32,388

Obviously, the increase in price in the fourth quarter reflects the increasing supply demand imbalance in the nickel market which we should see for the next couple of years (at least). All brokers are carrying a much lower nickel price assumption for the fourth quarter in their models - so expect a surprise to the upside in 2006 earnings for all brokers.

Regards Eos