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Jakarta Post

Antam expects no early price recovery on horizon

  • Ika Krismantari

    The Jakarta Post

Jakarta   /   Thu, May 28 2009   /  01:59 pm

State nickel producer PT Aneka Tambang (Antam) expects no sharp rebound in the near future in nickel prices, as the international market will still be oversupplied until the end of the year. President director Alwinsyah Loebis said Wednesday the prices of the metal would be relatively stagnant at around US$6 per pound until the year-end, not far away from around $5.5 per pound currently. "The current prices are actually higher than around $4 earlier this year, thanks to increased demand from China," Alwinsyah said, but adding that the higher demand from China would only be short-lived. He did not explain why. If prices work out as forecast, this level of selling prices could spell trouble for the publicly listed mining company which has been hit hard by low prices since mid-last year. The $6 per pound prices will be lower than the average prices of the metal in 2008,...