well this ann didnt hurt mcr

Interesting to note chinese consumption and US offset, per article below...like they say, by the time you read about the trends its all too late, generally bottomed or topped and going the other way!
All eyes on 2morrows price/volume.

Nickel Posts Widest Surplus in Eight Months in April (Update1)

By Chanyaporn Chanjaroen

June 19 (Bloomberg) -- Nickel oversupply grew in April to the widest in eight months as demand shrank for a third month, according to International Nickel Study Group figures.

Output beat demand by 13,700 metric tons, the Lisbon-based group said today in an e-mailed report. Consumption was 112,800 tons, down 0.9 percent from March, the report showed.

Nickel, mostly used in stainless steel, has lost 14 percent of its value this year as oversupply widened from last year's 107,900 tons. OAO GMK Norilsk Nickel, the largest producer, said profit fell 11 percent in 2007 as prices of the metal dropped.

Production grew 6.1 percent to 126,500 tons in April, led by Canada and Colombia, the report said. Output was 121,600 tons a year earlier. Stockpiles at producers totaled 95,900 tons in April, down 1.8 percent from 97,700 tons at the end of 2007.

Consumption weakened 0.8 percent to 37,900 tons in Europe from March, and 0.2 percent from a year ago.

In China, the largest buyer of the metal, demand was 30,500 tons in April, unchanged from March and up 13 percent from a year earlier. U.S. April usage was 10,500 tons, down from 11,000 tons in the prior month, and 11 percent lower than a year ago.

To contact the reporter on this story: Chanyaporn Chanjaroen in London at [email protected].

Last Updated: June 19, 2008 05:08 EDT