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This leaves the company open to market prices for 85% of its forecast deliveries for the period. Calls can be exercised at $7.41/lb on average for the remaining 15%, net of premiums, it said.
London Metal Exchange nickel prices averaged $8.30/lb in October. This was despite the very high overall level of global nickel inventories, but helped by nickel pig iron production in China, the company said.
As a result, Eramet "will continue to adapt its production to market trends," it said.
-By Andrea Hotter, Dow Jones Newswires; +44 (0)20 7842 9413; andrea.hotter@dowjones.com
(END) Dow Jones Newswires
10-28-09 0322ET
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