This page is archived news covering the period from January 1, 2006 to January 31, 2006.
If you are looking for current daily market news, please visit this page.

Daily Nickel Market Prices

January 2006

(Nickel prices are followed here daily as they are responsible for up to 60% of the cost of stainless steel)
(Molybdenum prices are for molybdenum oxide, a major price factor in 316 stainless)

(all ton listings are metric tons = 2204.6 pounds - what we use to determine closing - see bottom of page)

1-30

*    LME nickel - plus 786 tons = 36,816 tons.

1-27

LME nickel ends at $6.98/lb.
*    Russia’s metals giant Norilsk Nickel and the Anglo-Australian miner Rio Tinto Ltd form a joint venture related to “non-ferrous metals geology” with initial exploration efforts concentrating on opportunities in the Siberian and far-eastern federal districts of Russia. Norilsk, currently the world's number one source for nickel, appears to be reacting to a possible union between #2 Inco and #3 Falconbridge, which, if it happens, will eclipse Norilsk in size.
*    Nickel - plus 66 tons = 36,030 tons

1-26

LME nickel ends at $6.70/lb.
*    Nickel - minus 552 tons = 35,964 tons

1-25

LME nickel ends at $6.84/lb.
*    Nickel - plus 138 tons = 36,516 tons.

1-24

LME nickel ends at $6.74/lb.
*    Nickel - plus 6 tons = 36,378 tons.

1-23

LME nickel ends at $6.74/lb.
*    Nickel - plus 84 tons = 36,372 tons.

1-20

LME nickel ends the day at $6.62/lb.
*    Nickel - minus 42 tons = 36,288 tons.

1-19

LME nickel ends the day at $6.70/lb
*    Nickel - plus 48 tons = 36,330 tons.

1-18

LME nickel ends the day at $6.76/lb.
*    Nickel - minus 72 tons = 36,282 tons

1-17

LME nickel ends at $6.69/lb.
*    Nickel - plus 138 tons = 36,354 tons.

1-16

LME nickel ends at $6.68/lb.
*    Nickel - minus 150 tons = 36,216 tons

1-13

LME nickel ends at $6.75/lb.
*   Nickel - minus 294 tons = 36,366 tons

1-12

Nickel quiet - closes at $6.67/lb. Zinc and lead hit new high's.
*    Nickel - inventory flat at 36,660 tons

1-11

Zinc  and lead hit new all time high's. LME nickel down at $6.67/lb.
*    ISSF forecasts stainless steel output to increase by 6% to 26.5 million metric tons in 2006, after a disappointing 2005 saw only a 2% increase.
*    China on week long Lunar New Year next week
*    South African ferrochrome at 65 cents/lb for 1st quarter 2006, down a nickel for third straight quarter
*    LME aluminum posts 17 year record high/copper new high yesterday on worries about strike at Chile's Codelco
*    Nickel - minus 96 tons = 36,660 tons

1-10

Closing - $6.79/lb.
*    Nickel - plus 240 tons = 36,756 tons.

1-9

The nickel rally, for whatever unknown reason, continues. Ended today at $6.78/lb.
*    Nickel inventories on the LME increased 354 tons to total 36,516 tons.

1-6

LME nickel ends the week at $6.49/lb.
*    Stock nickel inventories gained again yesterday with an additional 168 tons taking the total to 36,162 tons.

1-5

Funds continue to buy blind and push nickel higher to $6.49/lb.
*     LME nickel inventories dropped by 48 tons to total 35,994 tons.

1-4

Nickel is up again, although I feel the only reason is fund optimism based off blind hopes, rather than facts or fundamentals. Closed at $6.40/lb.
*    300 more tons of nickel added to LME nickel warehouses takes the total to 36,042 tons.

1-3

LME nickel ends the day at $6.29/lb.
*    In a press release sure to raise some eyebrows, Prudential analyst John C. Tumazos today, cut his rating of Inco to sell today, on fears of a nickel "glut" in 2006.
*    Inco will be in negotiation with union at Sudbury this year. Current contract expires on May 31st, and these talks have a history of not going well.
*    LME nickel inventories stand at 35,742 tons and ended 2005 at $6.12/lb.


Nickel (average annual price) Molybdenum (average annual price)
2001 $2.70/lb $2.36/lb
2002 $3.07/lb $3.59/lb
2003 $4.37/lb $5.21/lb
2004 $6.28/lb $18.00/lb (approx)


Closing price - you may notice different sites giving different "closing" costs. We use the price LME uses, which Joanna James at the Global FX Desk graciously explained, is the settlement price for 3 months nickel after the 2nd ring close offer. LME shows on their site the closing price taken after the last kerb.

Every effort is made to provide factual information in a timely manner as a convenience to the reader. Any opinion given on this web site is just that - a mere opinion, and the author is not responsible for any action taken based off that opinion. Multiple sources are used for obtaining this info and there is no guarantee of its accuracy. Any reproduction without written permission from the author is prohibited.

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