London Metal Exchange Removes Nickel Backwardation

The London Metal Exchange (LME) has today announced that the Special Committee has lifted the backwardation limit in the nickel market.

Extract from the LME Member notice 06/307 : A303

Special Committee Action

1. The Special Committee has lifted the backwardation limit in the nickel market and reapplied the Lending Guidance in respect of those with nickel positions with effect from the start of business on Monday 13 November 2006.

Background

2. LME notice 06/211 : A208, dated 16 August 2006, announced the Special Committee decision to impose a backwardation limit of $300.00 per tonne per day in the nickel market and to suspend the Lending Guidance in respect of those with nickel positions.