[obrolan-bandar] Nickel Forecast Raised by Credit Suisse on Stainless Steel Use

[Lee Cwan Yeuw]

Nickel Forecast Raised by Credit Suisse on Stainless Steel Use 
   

By Jae Hur
  
   

(Bloomberg) -- Nickel cash prices may average
higher than forecast this year as stainless steelmakers resume
purchases, Credit Suisse Group said.  

Nickel may average $17.97 a pound ($39,617 a metric ton),
up from a previous estimate of $15, analysts including Jeremy
Gray at the bank said in a July 6 report. The metal has averaged
$19.91 so far this year.  

Spot nickel has fallen 40 percent from a record in May as
stainless steel producers used less nickel or cut output. Credit
Suisse expects nickel prices to rise in the fourth quarter.  

``We estimate global stainless steel output to increase
approximately 5 percent in 2007 and 6.6 percent in 2008,'' the
analysts said. They expect nickel demand to gain next year on
increased usage in batteries and the aerospace industry.  

Nickel for immediate delivery fell $1,750, or 5.1 percent,
to end at $32,805 a ton yesterday. The price reached the record
in May as stockpiles plunged to an amount equal to less than two
days of global consumption following strong demand in China.  

Credit Suisse also raised its 2008 nickel forecast by 36
percent to $15, 2009 by 38 percent to $11 and 2010 by 33 percent
to $8. These compare with estimates by Jon Bergtheil, head of
global metals strategy at JPMorgan Securities Ltd., made on July
8, for $17.95 pound in 2007, $12.48 in 2008, $8.51 in 2009 and
$6.45 in 2010.  

``We estimate a finely balanced nickel market through until
2009, with marginal surplus supply (of) refined nickel estimated
at 1 percent of global consumption in 2007-2008,'' the analysts
said.  

To contact the reporter on this story:
Jae Hur in Singapore at 
  [EMAIL PROTECTED]   



  
__ 
Yahoo! Movies - Search movie info and celeb profiles and photos. 
http://sg.movies.yahoo.com/

[obrolan-bandar] Nickel Forecast

[agung2a]

Just for your another reference.
Regards, aGoeng

2007 Nickel Forecasts

5/21
 Goldman Sachs raises its nickel forecast for 2007 to $18.29/lb, up 
8.4% from earlier estimates. Raises 2008 nickel average to $15.88/lb 
from an earlier forecast of $13.61/lb. 
5/7
 Bloomberg publishes article where it says, according to the median 
of 12 forecasters, the price of nickel will fall in the latter 1/2 
of 2007 to average $11.09/lb in the last quarter. JP Morgan is 
quoted in article saying nickel will average $16.02/lb in 2007. 
5/3
 Calyon raises its 2007 annual forecast for nickel to $20.00/lb in 
2007. 
5/1
 Natexis Commodity Markets raises forecast for average nickel price 
to $15.88/lb for 2007 and $10.66/lb for 2008. 
4/27
 Haywood Securites raises forecast for average nickel price to 
$19.00/lb for 2007
4/27
 Goldman Sachs JBWere Pty forecasts a 2007 average for nickel of 
$16.82/lb. 
4/22
 Wachovia Corp. forecasts a 2007 average for nickel of $19.64/lb, 
and $16.33/lb in 2008. 
3/26
 UBS raises forecast for nickel price to $17.44/lb average for 2007
3/26
 Barclays raises forecast for nickel for second time this year to 
$21.77/lb for 2nd quarter 2007, $18.14/lb 3rd quarter, and $15.88/lb 
for 4th quarter.