A  sharp decline in the price of the metal from the highs of above $50,000 a tonne is set to continue into 2009, as the metal may fall well below $10,000 as a global economic recession bites.

Richard Knights, an analyst at Numis Securities, said:

At current prices some 50 percent of the nickel industry is losing money - it is not a sustainable situation. It is all about timing and how quickly operations shut down.

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