We have been calling for production cutbacks and we got some action on that front lastweek. As has been the case in most other base metals, Chinese producers have moveden-masse to try to shore up prices. In nickel’s case, a group of eight top producers ofrefined nickel and NPI, including Jinchuan and Tsingshan, apparently agreed to reduceproduction by 15,000 tonnes of contained nickel units in December, and by as much as80,000 tonnes next year. That’s promising, if it actually happens, but we are sceptical.
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