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Nickel Drops as Strike Canceled, Soybeans Rebound on Export Demand

November 25, 2014 at 22:36 by Vladimir Vyun

Nickel dropped today due to cancellation of a strike at Colombia’s Cerro Matoso mine. Workers were planning to halt production because of disputes about extended hours. With the news that there will be no strike, supply concerns eased and prices plummeted. Contract for delivery of nickel in three months was down 0.8 percent to $16,525 per metric ton on LME today.

Soybeans rebounded today following previous losses. Prices for oilseed advanced on signs of demand for US exports. The US Department of Agriculture reported that the amount of soybeans inspected for export by the end of the last week was 52 percent above the amount for the same reporting period a year ago. The news led to speculations among traders that consumption will keep up with supply despite prospects for a record harvest in the United States. January contract for soybeans jumped as much as 1.67 percent to $10.51 per bushel as of 22:27 GMT on CBoT today.

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