LSE: NICKEL-Major market developments in September
LONDON, Oct 17 (Reuters) - Nickel prices recorded heavy losses in September, but have since st
eadied helped by optimism that the euro zone's debt crisis will be dealt with successfully, but further weakness could prompt higher cost producers to act.
'I expect nickel to fall below $18,000 again and if prices stay there for any length of time then it would get some support from NPI production being cut,' said Will Adams of Fastmarkets.
Many analysts expect high cost Chinese nickel in pig iron (NPI) producers to respond quickly to further price falls. Their average costs are put at $17,000-18,000 a tonne.
The London Metal Exchange (LME) three-months nickel price was last indicated at $18,900 a tonne. Last month, nickel fell to $16,800 a tonne, its lowest since December 2009.
