I GUESS WE"LL KNOW TOMORROW FOLKS.YES IT MAY HAVE COOLED SOME OF...

I GUESS WE"LL KNOW TOMORROW FOLKS.
YES IT MAY HAVE COOLED SOME OF THE PANICKED INSTO SPECULATION; BUT WOULD NOT HAVE IMPACTED THE INVENTORY SITUATION AS IT STANDS FOR NOW! UNFORTUNATELY IT WILL BE AFTER ASX TRADING CLOSES.

Union reviewing counter-proposal from Xstrata Nickel: Union

New York (Platts)--31Jan2007
The Canadian Auto Workers' affiliate Mine Mill Local 598 said Wednesday
evening it is reviewing a counter offer made by Xstrata Nickel in negotiations
for a new three-year labor deal to replace one that expires at midnight (local
time) on Wednesday.
If a deal is not reached by midnight, around 1,000 union members at
Xstrata's Sudbury nickel mine and smelter could begin a strike.
A union official told Platts that the union would need about an hour to
study the new proposal, details of which have not been revealed by either
side.
Earlier Wednesday evening, both sides said that talks were continuing and
Ian Hamilton, spokesman for Xstrata Nickel said the company was trying to
hammer out an agreement "acceptable to both sides" by the deadline.
Nickel prices have spiked over the last couple of weeks, partly on
expectation of a strike, given the previous history of labor relations at the
mine, although traders believe that the effects of a strike had been largely
factored into nickel prices. However, a prolonged strike is expected to cause
nickel prices and also cobalt prices to spike even higher.
Three months nickel on the London Metal Exchange closed at $3,700/mt on
Wednesday, up $1,350/mt up from Tuesday's close, as stocks in LME warehouses
fell close to record lows. The move largely wiped out a selloff on Tuesday
Both sides have not revealed details of demands or offers made in the
negotiations.
--Anthony Poole, [email protected]