首页|Barclays: Norilsk Nickel financing deal bearish for nickel
Barclays: Norilsk Nickel financing deal bearish for nickel
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NSTL
Russian nickel producer Norilsk Nickel's announcement that it was intending to borrow 200 million dollars to 300 million dollars from a consortium of Western banks and using 60,000 metric tons of nickel as collateral was initially greeted positively by the market, noted Barclays Capital in a research note. Three-month nickel on the London Metal Exchange rallied in the wake of the news from below the 6,800 dollars area to eight-day highs of 6,900 dollars."The positive reaction was hardly surprising when one considers that the total volume of the nickel involved is the equivalent of more than three times the current level of London Metal Exchange stocks and worth around three weeks of global nickel demand," Barclays said. However very little detail of the financing structure has been released and the implications for the nickel market may well not be as simple as first assumed."
NSTL
