MY: Base metals are expected to trade in tight range
``Base metals are expected to trade in tight range tracking mixed movement in LME and SHFE. Nickel prices are expected to trade in range of Rs 1,085-1,120. Rising nickel prices combined with positive economic data, such as increased consumer spending have encouraged nickel producers worldwide to begin reopening their mines,`` it added.
`Indonesian mining firm Aneka Tambang is looking to initially procure one million ton of nickel a year from PT International Nickel Indonesia (INCO) under a supply contract. Zinc prices are expected to trade in range of 105-107 in near term.
A local Russian court has ruled in favor of suspending zinc production at Elektrotsink, a smelter supplying about 40% of Russia`s zinc, pending an environmental clean-up. It had planned to produce 90,000 ton of zinc in 2009, the same as in 2008 and has not given a forecast for this year`s output,`` it further added.
