LME nickel, tin at record highs, others drift

Wed Feb 21, 2007 4:53am GMT

 * London Metal Exchange nickel and tin at record highs on
Wednesday, with lead just short of all-time peak hit the
previous day.
 * Nickel MNI3=LX trades at $40,000 a tonne at 0425 GMT in
electronic dealing, versus $39,900 at Tuesday's close.
 * "Nickel is a very simple story -- all the disruptions to new
projects have delayed a fresh wave of production," Gerard Burg,
minerals and energy economist at National Australia Bank said.
 * "Demand for stainless steel remains strong and if stock
levels continue to fall, there is potential for even higher
prices. We are forecasting $35,000 a tonne for the year and
there is every possibility that we are being pessimistic."
 * Tin MSN3=LX at a fresh record high of $13,550 in
electronic trading, up $150. Supported as LME stocks fall below
10,000 tonnes for the first time since November 2005.
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 * Lead MPB3 loses $5 at $1,820/1,850, after touching record
high of $1,840 on Tuesday. Supported by continuing force
majeure at Xstrata's XTA.L Mt. Isa lead mine in Australia.
 * Copper MCU3 $15 lower at $5,715/5,735.
 * Many investors remain sidelined due to week-long closure of
the Shanghai Futures Exchange for Lunar New Year.
 * Zinc MZN3 down $20 at $3,305/3,325.
 * Aluminium MAL3 down $5 at $2,740/2,750.