January 5, 2009 / 4:18 AM / 11 years ago

LME nickel falls almost 5 pct on China output rise

SINGAPORE, Jan 5 (Reuters) - London Metal Exchange nickel MNI3 fell 4.9 percent on Monday, sliding after China’s Jinchuan said it planned to boost metal output by almost 20 percent this year, despite soft market conditions.

Three-month nickel futures traded at $12,550 after surging nearly 13 percent on Friday. Jinchuan said it expected to produce 125,000 tonnes of nickel this year from 104,600 tonnes in 2008.

Jinchuan also plans to produce 400,000 tonnes of copper, a third more than in 2008, and 7,800 tonnes of cobalt, 22 percent higher than the previous year. [ID:nSHA298273] (Reporting by Nick Trevethan; Editing by Clarence Fernandez)

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