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Thursday, June 27
Daily
Nickel/Stainless Steel Briefing(7:00
AM CST is 12 PM in London)
Nickel closed
Wednesday's trading session at $5.67/lb. Indicators at
6:15 am CST today show nickel trading around $.12/lb higher. Stockpiles of
nickel stored in LME licensed warehouses rose on Wednesday and started
today just under the 165,500 tonne level. Nickel prices jumped to mid
April levels this morning as the bulls are left to run loose. We aren't
really sure what has to happen to meet an official 'bull run'
definition, but unofficially, in our opinion, we are seeing one. This
is also one of those runs that defy explanation and while those who are
paid too, attempt to do so, it's mostly grasping for straws. Bull runs
and bear runs tend to feed on themselves sometimes, especially during
dramatic moves, and we suspect what was once short covering, is mostly
computers and traders not wanting to be potentially be left behind a
money maker move. We still suspect some manipulation going on here, but
nothing illegal. Look at Any Home of Reuters story below titled "Why
Goldman thinks nickel is trading like a biotech start-up". It starts
"Nickel has been the strongest performer among the base metals traded
on the London Metal Exchange (LME) this year." It continues "Trading
currently at $12,450 per tonne, LME three-month nickel is up by more
than 14% since the start of January. Zinc, which has put in the next
best year-to-date performance, is up by only 5%.". It goes on to report
why Goldman calls nickel the 'hope stock' as much of its upward
momentum is based more on a 'hope and a prayer 'than market
fundamentals. We suspect the whole 'best year to date performance' is
something trading houses like to present investors and part of this
recent move may be to solidify that first half of the year performance.
We say a similar move at the end of last month, although that one
proved a failure. So what will happen next week? Nobody knows of
course, but what happens at the G-20 could make a difference. Even if
Trump and Xi hug and sing Kumbaya, nickel is overbought, so if the bull
run has legs, it is getting unhealthy. So volatility is likely to
continue, no matter whether the bull continues to run, or the bear
wakes up. This is our last update for the week, month, and first half
of the year. We hope you each have a safe and relaxing weekend, and
invite you to join us next week as we follow nickel, and its effect on
stainless steel pricing.
Average price of cash
nickel so far this month - $5.39/lb
Average price of LME
traded nickel in in 2018 - $5.95/lb / 2017 - $4.73/lb / 2016 - $4.36/lb
/ 2015 - $5.37/lb /
Reports
Reuters metals morning
- Copper flat as investors await Trump-Xi meeting - more
Anxious allies tread a
careful path around Trump - more
Trade-War Winner
Vietnam Is Now a Target for Trump’s Tariffs - more
U.S. economic problems
self-making, not caused by China: former official - more
Stocks Give Up Gains
as G-20 Looms; Crude Declines: Markets Wrap - more
Wednesday's market review - Copper hits 5-week high on hopes for
end to U.S.-China trade dispute - Copper prices hit five-week highs on
Wednesday after U.S. Treasury Secretary Steve Mnuchin said a U.S.-China
trade deal was 90% complete, but gains were capped by concern about
demand in top consumer China. - more
Why Goldman thinks nickel is trading like a biotech start-up:
Andy Home - Nickel has been the strongest performer among the base
metals traded on the London Metal Exchange (LME) this year. - more
Taiwan's Tang Eng increases stainless steel prices for Jul - Tang Eng
Iron Works Co., Ltd. (Tang Eng), one of the main stainless steel
manufacturers in Taiwan, announced its new stainless steel prices for
July yesterday (June 26th). - more
Stainless steel net
exports in Jan-May remain lower on year - China's net exports of
stainless steel in May expanded 3% on the year, to stand at 248,700 mt,
the latest customs data showed on Thursday June 27. - more
Watchdog sues for White
House documents on lobbying for Minnesota mining leases - A government
watchdog group is suing the Trump administration for access to e-mails,
notes and memos regarding its decision to renew two federal mineral
leases for Twin Metals Minnesota, the company working to build a
copper-nickel mine just outside the Boundary Waters Canoe Area
Wilderness. - more
Morning Nickel
Price Statistics & Figures
Today's almost
official prices here / Yesterday's
actual LME official prices here or here
Shanghai Jinchuan
nickel price - available here or here(updated)
Please let
us know if any of these links stop working, stop carrying info, or
become available to subscriber's only. We encourage our readers to use
the services of those companies who supply news and information free of
charge.Contact
us
Wednesday, June 26
Daily
Nickel/Stainless Steel Briefing(7:00
AM CST is 12 PM in London)
Nickel closed
Tuesday's trading session at $5.58/lb . Indicators at
6:05 am CST today show nickel trading around $.07/lb higher. Stockpiles of
nickel stored in LME licensed warehouses fell sharply on Tuesday and
started the day just over the 164,800 tonne level. Nickel continues to
move higher, as are all base metals this morning. Not really seeing any
'reason' for the increase. We suspect it has to do with Friday being
the end of the first half of the year, and trading houses might be
driving up prices to make their portfolio's look a little better. Much
of January and February's increase in price, had evaporated, and this
may be merely an attempt to recover as much of that as possible. Then
again, the bump could feed on itself, and any end in the China-US trade
war, could give birth to another bull run. One never knows until it
happens in this industry, much to the chagrin of most of those involved
outside of the trading floor. Daily technicals remain positive, and
after closing above resistance last night, the market looks to stay
above that level today, which would send another positive technical
signal. Cancelled warrants have been interesting this month. Typically,
they show little variety in their daily readings and trend higher,
lower, or stay pretty much the same over a 30 day period. This month
they have been as high as 37+% yesterday, as low as 30+% on the 14th,
and over 35% today. And we are still on track to have our first monthly
gain in LME nickel inventories since August 2017.
Average price of cash
nickel so far this month - $5.38/lb
Average price of LME
traded nickel in in 2018 - $5.95/lb / 2017 - $4.73/lb / 2016 - $4.36/lb
/ 2015 - $5.37/lb /
Reports
Reuters metals morning
- LME copper slips from 5-week high; dollar weighs - more
Zimbabwe: Smuggling -
the New Corruption Frontier in Zimbabwe - more
Treasury Secretary
Mnuchin says US-China trade deal is 90% complete - more
U.S. Stock Futures
Climb as Bonds Drop; Oil Gains: Markets Wrap - more
Tuesday's market review - Copper hits 1-month high as Chile
strike underlines deficit - Copper prices reached a one-month high on
Tuesday as a strike at a major mine in Chile underlined a supply
shortfall, although investors were on edge ahead of U.S.-China trade
talks later this week. - more
China’s ferrochrome
imports fall 19% in May - China imported 322,000 mt of ferrochrome in
May, down 19.37% from April, but up 45.87% from May 2018, showed data
from China Customs. - more
Competitive struggle of stainless steel products in East Asia - The
major stainless steel manufacturers' technical competition was
increasingly fiercely in East Asia after the operation of PT. Indonesia
Tsingshan Stainless Steel (ITSS) was added. - more
Taiwanese industry hopes to continue AD duties on stainless steel
products from China & South Korea - The Taiwanese government has
imposed anti-dumping duties on imported stainless steel cold-rolled
products from China and South Korea, which have a five-year statute of
execution and will expire by August. - more
Nickel industry banking on Build, Build, Build to spur growth -
The Philippine Nickel Industry Association (PNIA) is banking on the
government’s ambitious infrastructure program to drive near-term
industrial growth. - more
China commits $10 billion to mining infrastructure growth -
China and South Africa have cemented good relations by developing
mining infrastructure through the progressive Belt and Road Initiative
(BRI). - more
Minnesota appeals court
orders hearing on PolyMet permit - A district court must determine if
state environmental regulators improperly sought to suppress a federal
agency’s serious concerns about the pollution risks arising from a
proposed copper-nickel mine in northern Minnesota, the state Court of
Appeals ruled Tuesday. - more
Appeals court,
legislative auditor scrutinizing MPCA's PolyMet water permit - more
Developers seek
financing for Minnesota copper-nickel mine - more
Morning Nickel
Price Statistics & Figures
Today's almost
official prices here / Yesterday's
actual LME official prices here or here
Shanghai Jinchuan
nickel price - available here or here(updated)
Please let
us know if any of these links stop working, stop carrying info, or
become available to subscriber's only. We encourage our readers to use
the services of those companies who supply news and information free of
charge.Contact
us
Tuesday, June 25
Daily
Nickel/Stainless Steel Briefing(7:00
AM CST is 12 PM in London)
Nickel closed Monday's
trading session at $5.53/lb. Indicators at
6:15 am CST today show nickel trading around $.04/lb higher. Stockpiles of
nickel stored in LME licensed warehouses fell on Monday and started
today just under the 162,300 tonne level. Nickel held its own
yesterday, after a late day surge pulled it out of the loss column and
so far today, has looked bullish. A Euro that has been on the increase
since last Wednesday is not hurting matters, nor is the optimism behind
the leaders of the US and China meeting this week at the G-20. Short
term technicals have turned bullish, while longer term technicals still
lean to the bearish side. Chinese steel futures continue to climb,
sending another positive sign to nickel traders. Market news is nearly
non existent today. The G20 meeting will be held in Osaka on Friday and
Saturday, so while we expect no trade news this week, we are seeing
some market enthusiasm behind the mere fact the two are talking again.
Minor resistance at $5.61/lb, with support now set at $5.41/lb.
Average price of cash
nickel so far this month - $5.37/lb
Average price of LME
traded nickel in in 2018 - $5.95/lb / 2017 - $4.73/lb / 2016 - $4.36/lb
/ 2015 - $5.37/lb /
Reports
Reuters metals morning
- Copper rises on supply concerns, weaker dollar - more
Stocks Slip on
Geopolitical Tensions; Gold Climbs: Markets Wrap - more
Positive Indian Ocean
Dipole likely to drive Australian weather during winter to spring - more
Monday's market review - no metals market review published
yesterday
Chinese stainless
steel exports up in May m-o-m - According to the statistics, the
exports of stainless steel in China totaled around 320,000 tons in May
2019, up by 6.9% compared to the previous month, while down by 29.71%
compared to the same month a year ago. - more
Michigan has minerals
America needs - The Trump Administration's list of 35 mineral and
mineral groups deemed critical to the nation includes several that are
located in Michigan, although more research needs to be done to better
characterize their locations, quantity and quality. - more
Courtesy AISI - In the
week ending on June 22, 2019, domestic raw steel production was
1,873,000 net tons while the capability utilization rate was 80.5
percent. Production was 1,815,000 net tons in the week ending June 22,
2018 while the capability utilization then was 77.4 percent. The
current week production represents a 3.2 percent increase from the same
period in the previous year. Production for the week ending June 22,
2019 is down 0.7 percent from the previous week ending June 15, 2019
when production was 1,887,000 net tons and the rate of capability
utilization was 81.1 percent. - more
Morning Nickel
Price Statistics & Figures
Today's almost
official prices here / Yesterday's
actual LME official prices here or here
Shanghai Jinchuan
nickel price - available here or here(updated)
Please let
us know if any of these links stop working, stop carrying info, or
become available to subscriber's only. We encourage our readers to use
the services of those companies who supply news and information free of
charge.Contact
us
Monday, June 24
Daily
Nickel/Stainless Steel Briefing(7:00
AM CST is 12 PM in London)
Nickel closed Friday's
trading session at $5.52/lb . Indicators at
6:20 am CST today show nickel trading around $.02/lb lower. Stockpiles
of nickel stored in LME licensed warehouses fell on thursday and rose
on Friday and start the week just under the 168,900 tonne level. Nickel
ended Thursday at its highest in nearly a month, and backtracked some
on Friday. Today it is lower but quiet. All eyes will be on the G-20
this week, and most likely, the President's Twitter account. We don't
expect any sudden end to the trade spat between the US and China, but a
return to talking should be seen by markets as a step in the right
direction. US stainless steel manufacturers have published surcharges
for July and they are at their lowest since January (see here). This is the final week of the first
half of 2019. Expect the big trading houses to try to keep the price of
nickel up to help their portfolio's look better, and to inflate a
dismal daily average price. Have a great week and remember - “The
conventional view serves to protect us from the painful job of
thinking.” - John Kenneth Galbraith.
Average price of cash
nickel so far this month - $5.36/lb
Average price of LME
traded nickel in in 2018 - $5.95/lb / 2017 - $4.73/lb / 2016 - $4.36/lb
/ 2015 - $5.37/lb /
Reports
Reuters metals morning
- Copper slips as rattled investors await Trump-Xi meeting - more
All Eyes On G20 As
Trump and Xi Give Trade Talks Another Try - more
Is The Recent
Commodity Plummet Making Commodities Lucrative? - more
Can European steel
forge a strategy to withstand U.S. tariffs? - more
The U.K.’s biggest
(and only) asteroid mining company has designs on our skies - more
Stocks Mixed, Bonds
Gain; Oil Rises on Iran Stress: Markets Wrap - more
Friday's market review - Zinc hits 5-1/2 month low on G20, Iran
uncertainties - Zinc hit its lowest since early January and other
industrial metals also fell on Friday as investors worried about
uncertainties ahead of next week's G20 meeting and rising U.S.-Iran
tensions. - more
China's Crude Steel
Output Hits Record High Again in May at 89.09 MT - China's monthly
production output of crude steel reached 89.09 million tonnes (MT) in
May, surpassing the previous all-time high by 4.06 MT that was set only
last month. - more
'The
future is nickel' — mining executive - Toronto-based Cobalt 27 Capital
Corp. is selling out at a low point for its namesake metal, a crucial
component in the lithium-ion batteries used in electric vehicles and
other devices. - more
Taiwanese stainless steel mills may increase price for July - The price
of nickel from the London Metal Exchange (LME) rebounded to nearly
US$12,000/ton last week. - more
Environmental group sues
Trump administration over mining rules near Boundary Waters - An
environmental group sued the Trump administration Thursday, seeking the
release of documents related to a decision last year to end a study of
a proposed 20-year mining ban within the watershed of the Boundary
Waters Canoe Area Wilderness. - more
Producers Attempt to Reverse Price Trend but Buyers Resist - Industrial
activity and steel consumption are stronger, generally, in Scandinavia,
than in the rest of Europe. - more
She Defended Her Land Against a Mine in Guatemala. Then She Fled in
Fear for Her Life - Teresa Muņoz was riding her motorbike along her
regular delivery route on a winding Guatemala road, carrying the
homemade cheese she sold for a living, when she saw in her rearview
mirror one of the white sedans that employees of the Escobal silver
mine drove. - more
Morning Nickel
Price Statistics & Figures
Today's almost
official prices here / Yesterday's
actual LME official prices here or here
Shanghai Jinchuan
nickel price - available here or here(updated)
Please let
us know if any of these links stop working, stop carrying info, or
become available to subscriber's only. We encourage our readers to use
the services of those companies who supply news and information free of
charge.Contact
us
Thursday, June 20
Daily
Nickel/Stainless Steel Briefing(7:00
AM CST is 12 PM in London)
Nickel closed
Wednesday's trading session at $5.48/lb . Indicators at
6:20 am CST today show nickel trading around $.11/lb higher. Stockpiles of
nickel stored in LME licensed warehouses fell on Wednesday and started
today just under the 169,100 tonne level. Nickel is trading higher
today, as is nearly all commodities except some of the agricultural
grains. Gold, silver, tin are up over 2%. Oil up over 3%. Nickel,
aluminum and copper trading around the 1-1/2% range. Some of this is
due to a rebounding Euro, some of it is due to optimism brought on by
the Fed's decision not to cut interest rates - a proclamation of
confidence in the U.S. economy by the Fed. Some of it is a continuing
boost from the restart of China and US trade talks. And some of it is
shorts covering earlier bets. So after all those reasons why the market
might be doing what it is doing, we are now trading back where we were
at the end of May, and at the end of April before that. A suspicious
type person might see a pattern there. There are seven trading days
left in the first half of 2019 and it is starting to look like they
might be less boring than the last seven. This is our final update for
the week. We hope each of you has a safe and relaxing weekend and hope
to see you here next week as we close out the first half of the year.
Summer starts tomorrow north of the equator, which means winter starts
south.
Average price of cash
nickel so far this month - $5.34/lb
Average price of LME
traded nickel in in 2018 - $5.95/lb / 2017 - $4.73/lb / 2016 - $4.36/lb
/ 2015 - $5.37/lb /
Reports
Reuters metals morning
- Copper, nickel at over 3-week high as dollar eases on Fed rate cut
hints - more
Fed holds interest
rates steady — but it leaves itself plenty of wiggle room by removing
‘patient’ pledge - more
Treasury 10-Year Yield
Slides Below 2% to Lead Global Decline - more
Wednesday's market review - Copper holds near 3-week highs on
trade talk optimism - Copper prices stayed near three-week highs on
Wednesday on hopes that renewed talks between China and the United
States will defuse a trade dispute that investors fear will damage
economic growth and metals demand. - more
United States aims to reshape the critical minerals world: Andy
Home - The United States has laid out its strategy to rebuild collapsed
domestic supply chains for metals and minerals deemed “critical” to its
defence and manufacturing sectors. - more
WBMS Press Release June 2019 - Nickel market records deficit in January
to April 2019 - The nickel market was in deficit during January to
April 2019 with apparent demand exceeding production by 38.7 kt. In the
whole of 2018 the calculated deficit was 90 kt.. - more
Leaked email raises new
questions about PolyMet water permit - A leaked email shows that a
senior official sought to keep the public from knowing federal
Environmental Protection Agency staffers’ concerns about the pollution
risks of a planned PolyMet copper-nickel mine in northeastern
Minnesota, critics of the project contend. - more
Morning Nickel
Price Statistics & Figures
Today's almost
official prices here / Yesterday's
actual LME official prices here or here
Shanghai Jinchuan
nickel price - available here or here(updated)
Please let
us know if any of these links stop working, stop carrying info, or
become available to subscriber's only. We encourage our readers to use
the services of those companies who supply news and information free of
charge.Contact
us
Wednesday, June 19
Daily
Nickel/Stainless Steel Briefing(7:00
AM CST is 12 PM in London)
Nickel closed
Tuesday's trading session at $5.34/lb . Indicators at
6:20 am CST today show nickel trading around $.11/lb higher. Stockpiles of
nickel stored in LME licensed warehouses rose by nearly 3000 tonnes
yesterday and started today just under the 170,100 tonne level. That is
the third large daily gain we have seen so far this month. Today's in
the 3 thousand tonne range, and the two prior in the 4 and 5 thousand
tonne range. Another increase in today's range, and we will be back to
April levels. After doing a whole lot of nothing yesterday, nickel
jumped late last night to the $12,000 tonne level, and it appears a tug
of war is going on this morning as the bulls try hard to maintain that
level. Nickel missed out on on the 'China and US will resume trade
talks rally' yesterday, and may be playing catch up today. The bulls
have been trying to get back to the $12,000 tonne level to halt
the overall negative trend, and prior attempts have been unsuccessful.
It will be interesting to see if they can pull it off, as the chart
makes it appear the bears got 'bushwhacked' last night and were taken
by surprise. The jump could be in reaction to a comment Jim Lennon
reportedly made at a nickel conference in China to a Reuters reporter.
He remains optimistic about a huge nickel deficit this year, and
forecast a price of $16,000 a tonne ($7.25/lb) by years end, and
$8.16/lb for 2020. Mining News referred to Jim as a 'nickel market
guru' in 2017, claiming he had correctly forecast three of the last six
bull markets. We have always listened to what Jim has had to say with
interest, as he does tend to know a whole lot more about nickel than
many of the other 'metals analysts'. And no matter how much you know
about this industry, being right half the time is something one can
brag about.
Average price of cash
nickel so far this month - $5.34/lb
Average price of LME
traded nickel in in 2018 - $5.95/lb / 2017 - $4.73/lb / 2016 - $4.36/lb
/ 2015 - $5.37/lb /
Reports
Reuters metals morning
- Shanghai base metals rise as U.S.-China trade talks set to resume - more
‘The future is
nickel’: Cobalt 27 sells off its namesake steel after demanding twelve
months - more
Pala to acquire Cobalt
27 in $501 million deal - more
China Stock Analysts
Warn There's Too Much Optimism Before G-20 - more
U.S. Futures Mark Time
Before Fed as Bonds Decline: Markets Wrap - more
Tuesday's market review - Copper rises as U.S.-China trade talks
set to resume - Copper jumped to a three-week high on Tuesday after
U.S. President Donald Trump said trade talks with China would resume
ahead of a meeting at the G20 summit, raising hopes for a resolution to
the damaging conflict. - more
Nickel price to benefit
from short supply, strong steel demand through 2019 - Slower production
increases in leading supplier Indonesia and continued growth in
stainless steel demand are forecast to extend a supply shortage in the
global nickel market, supporting price gains through 2019. - more
Indonesia nickel ore processing stable amid floods - Nickel
processing at most plants in Sulawesi, Indonesia, has been unaffected
by heavy rain at flooding over the past week despite disruptions to
mining. - more
Impact of Indonesia
floods on NPI production, ore delivery wanes - Shipment of nickel ore
at mines and production at nickel pig iron (NPI) mills in Konawe
regency, south-east Sulawesi of Indonesia, has recovered since June 15
as the impact of floods waned, an SMM survey found on Wednesday June
19. - more
Platts China Steel
Sentiment slumps to second-lowest score of 8.42 pts - The outlook for
China's steel market is the bleakest it has been for several years as
high steel production, falling new orders and rising inventories
combine to put intense pressure on domestic steel companies, latest
S&P Global Platts data shows. - more
Morning Nickel
Price Statistics & Figures
Today's almost
official prices here / Yesterday's
actual LME official prices here or here
Shanghai Jinchuan
nickel price - available here or here(updated)
Please let
us know if any of these links stop working, stop carrying info, or
become available to subscriber's only. We encourage our readers to use
the services of those companies who supply news and information free of
charge.Contact
us
Tuesday, June 18
Daily
Nickel/Stainless Steel Briefing(7:00
AM CST is 12 PM in London)
Nickel closed Monday's
trading session at $5.34/lb. Indicators at
6:20 am CST today show nickel trading unchanged . Stockpiles of
nickel stored in LME licensed warehouses fell slightly on Monday and
started todays session just over the 167,100 tonne level. Vale advised
late yesterday that it has suspended operation at its nickel processing
plant at its Onca Puma operation, due to a court order. Mine production
was halted there September of 2017. While the trouble at Onca Puma
pre-dated the disaster at the Cķrrego do Feijão iron ore mine in
January, where 237 people were killed when a tailings dam collapsed,
Vale's Brazil operations have been under close government scrutiny.
Onca Puma's problems center around contamination of the Catete River
and the negative environmental effect on local indigenous tribes.
Nickel gave another try at the $12,000/tonne level yesterday, but
collapsed shortly after, and has done little since. It did little more
than convince some traders the bull was on the barbie, and the market
gave up the $5.37/lb level it had been toying with for the last three
days. While the Onca Puma shut down is news, it will have little effect
on the market.
Average price of cash
nickel so far this month - $5.33/lb
Average price of LME
traded nickel in in 2018 - $5.95/lb / 2017 - $4.73/lb / 2016 - $4.36/lb
/ 2015 - $5.37/lb /
Chalice moves to
exploit WA nickel discoveries - more
Stocks, Bonds Climb as
Draghi Fuels Stimulus Hopes: Markets Wrap - more
Monday's market review - Copper recovers as China output falls,
strike hits mine - Copper prices recovered on Monday, boosted by a mine
strike and weak Chinese output, but other industrial metals were
pressured by nervousness about the damage to growth and demand from the
U.S.-China trade dispute. - more
European stainless steel mills resist price downward pressure -
Currently, full of influencing factors were in the EU market, but
European steel mills were fighting against price cuts, and its offer
for stainless remained flat this week. - more
LME electronic pricing trial fails to boost volumes - sources - The
London Metal Exchange’s three-month trial of switching to electronic
closing prices for one of its benchmark base metal contracts has failed
to lift volumes, industry sources said, lending further support to
traditional open outcry trading. - more
Vale's fines doubled for breaking Onįa Puma court order - Fines imposed
on Brazilian mining giant Vale for non-compliance with a court order
issued in February calling for the full suspension of operations at the
company's US$3bn Onca Puma nickel complex have already reached 19.5mn
reais (US$5mn). - more
Courtesy AISI - In the
week ending on June 15, 2019, domestic raw steel production was
1,887,000 net tons while the capability utilization rate was 81.1
percent. Production was 1,815,000 net tons in the week ending June 15,
2018 while the capability utilization then was 77.4 percent. The
current week production represents a 4.0 percent increase from the same
period in the previous year. Production for the week ending June 15,
2019 is up 0.6 percent from the previous week ending June 8, 2019 when
production was 1,875,000 net tons and the rate of capability
utilization was 80.6 percent. - more
Morning Nickel
Price Statistics & Figures
Today's almost
official prices here / Yesterday's
actual LME official prices here or here
Shanghai Jinchuan
nickel price - available here or here(updated)
Please let
us know if any of these links stop working, stop carrying info, or
become available to subscriber's only. We encourage our readers to use
the services of those companies who supply news and information free of
charge.Contact
us
Monday, June 17
Daily
Nickel/Stainless Steel Briefing(7:00
AM CST is 12 PM in London)
Nickel closed Friday's
trading session at $5.38/lb. Indicators at
6:20 am CST today show nickel trading around $.01/lb lower. Stockpiles
of nickel stored in LME licensed warehouses rose on Friday and started
the week just over the 167,100 tonne level. Nickel stockpiles are
now back to where they were this time last month, and thus the mid
month daily deficit report we post, is kaput this month. We started the
month just over the 158,600 tonne level, so we have seen a rather large
daily increase for the first half of this month. This, with a stronger
US Dollar, is hurting any attempted bull run by traders. The $12,000
tonne level continues to put up resistance, and this morning's attempt
has pushed nickel back to $5.37/lb. The news of flooding and landslides
in Indonesia has helped add some stability to the market, but not much
more than that. Nickel's closing for the last three days of last week
were $5.37/lb, $5.37/lb, and $5.38/lb. And its currently trading around
..... $5.37/lb. So while we call last weeks run bullish, in fact, it
was more of a stability move, and any attempt by the bulls to take the
price of nickel over the $12,000/tonne level, and they have tried daily
since last Tuesday, have failed. Technical indicators, thus, remain
negative. Besides Indonesia, news remains on the light side, typical
for the summer season. Even in Indonesia this is the typical peak of
the dry season, so the timing of the floods there is not the norm. We
hope your week, if eventful, is a beneficial one, and if not, a healthy
one.
Average price of cash
nickel so far this month - $5.34/lb
Average price of LME
traded nickel in in 2018 - $5.95/lb / 2017 - $4.73/lb / 2016 - $4.36/lb
/ 2015 - $5.37/lb /
Reports
Reuters metals morning
- Nickel rises on supply fears but strong dollar caps gains - more
U.S. May Order Funds
to Dump Chinese Stocks, Activist Webb Says - more
Stocks Trade Mixed as
Focus Turns to Central Banks: Markets Wrap - more
Friday's market review - Copper slides as China data dents demand
prospects - Copper prices fell on Friday after weak manufacturing and
investment data from top consumer China reinforced expectations of
damage to growth and demand prospects from the protracted U.S.-China
trade war. - more
Landslides cut off access to cities, nickel mine in northern Sulawesi -
Massive landslides have cut off the main road connecting Palu,
Gorontalo and Manado in the northern part of Sulawesi just as thousands
of Idul Fitri travelers were making their way home. - more
Afarak’s South Africa woes show risks of mining geared to China
- South African miners that are geared to Chinese demand are walking a
tightrope between high domestic electricity costs and the prospects of
economic slowdown in China. - more
London Metal Exchange slaps alcohol ban on open outcry traders - The
London Metal Exchange has banned open outcry traders from consuming
alcohol during the day, it said on Friday, joining other London firms
in halting a culture of boozy lunches. - more
Taiwanese stainless steel scrap exports to Indonesia surge in Apr -
According to the statistic from the Taiwanese customs, Taiwanese
stainless steel exports had shown a dramatically increase in April. - more
EPA inspector general
will audit PolyMet permit - Further scrutiny after documents were
released detailing the EPA's concerns on a draft permit for Minnesota's
first copper-nickle mine - more
What is BHP Nickel West searching for under the Nullarbor? - On
several occasions in the past five years, BHP has tried to sell its
WA-based nickel division, Nickel West. - more
Morning Nickel
Price Statistics & Figures
Today's almost
official prices here / Yesterday's
actual LME official prices here or here
Shanghai Jinchuan
nickel price - available here or here(updated)
Please let
us know if any of these links stop working, stop carrying info, or
become available to subscriber's only. We encourage our readers to use
the services of those companies who supply news and information free of
charge.Contact
us
Thursday, June 13
Daily
Nickel/Stainless Steel Briefing(7:00
AM CST is 12 PM in London)
Nickel closed
Wednesday's trading session at $5.37/lb . Indicators at
6:20 am CST today show nickel trading around $.05/lb higher. Stockpiles of
nickel stored in LME licensed warehouses fell on Wednesday and started
today just over the 163,700 tonne level. Nickel is getting a boost from
some actual supply and demand news this morning. although the effect
was tempered by a report. Pig nickel production in Indonesia is being
adversely affected by serious flooding in Indonesia this week, while a
report issued by a respected metals analyst. Wood Mackenzie analyst
Andrew Mitchell stated that nickel supply and demand would be fairly
balanced for the reminder of the year, with a $5.58/lb price prediction
for the year. When the Indonesia news hit markets, nickel spiked to
just over the $12,000/tonne level again, but has slipped back under
since. Technically, or psychologically. the $12,000 tonne level is
offering some resistance to traders. This is our final update for the
week, so we hope each of you has a safe and relaxing weekend and invite
you to stop by next week as we follow the nickel industry and other
factors affecting stainless steel markets.
Average price of cash
nickel so far this month - $5.32/lb
Average price of LME
traded nickel in in 2018 - $5.95/lb / 2017 - $4.73/lb / 2016 - $4.36/lb
/ 2015 - $5.37/lb /
Reports
Reuters metals morning
- Base metals fall amid trade uncertainty, weak China data - more
Why Nickel Could Play
its Part in Lifting BHP’s Share Price - more
U.S. Futures, Europe
Stocks Climb as Oil Rebounds: Markets Wrap - more
Wednesday's market review - Copper ticks lower on weak China
data, aluminium up - Copper slipped on Wednesday after weak data from
the economy of top metals consumer China, but other industrial metals
prices edged higher on hopes for more stimulus. - more
Nickel prices under
pressure from vanishing deficits - Rapidly rising nickel supplies and
slowing demand from stainless steel mills are weighing on prices of the
metal, which are likely to come under further pressure this year as
deficits disappear. - more (contains some nice charts)
Thousands Evacuated After Floods Hit Indonesia - Indonesian authorities
warned of more flash floods and landslides after days of flooding
forced the evacuation of more than 5,000 people from Central and
Southeast Sulawesi, the nation’s main nickel ore producing region. - more
Taiwanese Tang Eng has losses in sales performance due to high nickel
price in 2018 - Tang Eng Iron Works Co., Ltd., one of the main
stainless steel manufacturers in Taiwan, announced its financial report
on June 12th. - more
South Africa's Cr Ore Export in April 2019 Is 1.2951 Million
Tons - According to the foreign trade statistics of South Africa, the
export volume of chrome ore (material quantity) in April 2019 was
1,295,103 tons, up by 7.7% from 1,202,707 tons in the prior month. - more
Courtesy AISI - In the
week ending on June 8, 2019, domestic raw steel production was
1,875,000 net tons while the capability utilization rate was 80.6
percent. Production was 1,815,000 net tons in the week ending June 8,
2018 while the capability utilization then was 77.4 percent. The
current week production represents a 3.3 percent increase from the same
period in the previous year. Production for the week ending June 8,
2019 is down 0.8 percent from the previous week ending June 1, 2019
when production was 1,890,000 net tons and the rate of capability
utilization was 81.2 percent. - more
Morning Nickel
Price Statistics & Figures
Today's almost
official prices here / Yesterday's
actual LME official prices here or here
Shanghai Jinchuan
nickel price - available here or here(updated)
Please let
us know if any of these links stop working, stop carrying info, or
become available to subscriber's only. We encourage our readers to use
the services of those companies who supply news and information free of
charge.Contact
us
Wednesday, June 12
Daily
Nickel/Stainless Steel Briefing(7:00
AM CST is 12 PM in London)
Nickel closed
Tuesday's trading session at $5.39/lb. Indicators at
6:20 am CST today show nickel trading around $.03/lb lower. Stockpiles
of nickel stored in LME licensed warehouses fell on Tuesday and started
today's session just under the 164,000 tonne level. Nickel barely broke
the $12,000/tonne level yesterday. It was the first time this month
that level was seen. After punching thru, the traded price collapsed
afterwards and we are running nearly $200/tonne off that level at
present. While we make a big deal of that level, we were there just a
few weeks ago, on May 31st to be exact. Most technical indicators
appear to be sending sell signals with support at $5.25/lb and
resistance at $5.46/lb. US estimated sales for electric
vehicles in May came in shy of 28,400, compared to just over
24,300 cars last May. Another slow news day.
Average price of cash
nickel so far this month - $5.32/lb
Average price of LME
traded nickel in in 2018 - $5.95/lb / 2017 - $4.73/lb / 2016 - $4.36/lb
/ 2015 - $5.37/lb /
The big copper short
is back as macro fears return - more
Top Steelmaker Warns
of Price Hikes as Iron Ore Near 5-Year High - more
Trump Says He's
Holding Up Trade Deal With China Ahead of G-20 - more
Stock Rally Stalls as
Treasuries Climb; Oil Drops: Markets Wrap - more
Tuesday's market review - Chinese stimulus hopes support copper -
Copper prices touched their highest in two weeks on Tuesday, lifted by
hopes that top consumer China will pump money into building
metals-intensive infrastructure. - more
Loading nickel ore in the Philippines or Indonesia - The
mandatory notification requirement for the carriage of nickel ore
loaded in Philippines and Indonesia still applies. - more
Nickel projects attracting
increased investor confidence and interest - Roskill’s Thomas
Höhne-Sparborth discusses with Proactive London’s Andrew Scott the
outlook for Nickel - more
Tesla might get into the
mining business to secure minerals for electric batteries - Tesla might
get into the business of mining minerals used in electric vehicle
batteries if it wants to expand its product lineup and scale
production, CEO Elon Musk said during the company’s annual shareholder
meeting. - more
Morning Nickel
Price Statistics & Figures
Today's almost
official prices here / Yesterday's
actual LME official prices here or here
Shanghai Jinchuan
nickel price - available here or here(updated)
Please let
us know if any of these links stop working, stop carrying info, or
become available to subscriber's only. We encourage our readers to use
the services of those companies who supply news and information free of
charge.Contact
us
Tuesday, June 11
Daily
Nickel/Stainless Steel Briefing(7:00
AM CST is 12 PM in London)
Nickel closed Monday's
trading session at $5.29/lb. Indicators at
6:15 am CST today show nickel trading around $.08/lb higher. Stockpiles of
nickel stored in LME licensed warehouses fell slightly on Monday and
started today just under the 163,900 tonne level..... again. Nickel is
trading higher this morning, with the commodity trading board much
greener than it has been. This could send the market a bullish
technical signal... and then again, it might not. At the moment, nickel
has not quite made it back to where it was this time last week. While
some morning media is claiming nickel is following the overnight
Shanghai Metals Market, that would be untrue as SMM nickel closed lower
overnight. Chinese steel futures did jump however. Nickel is trading
above its 10 day moving average, so it will be interesting to see if it
can hold on to its current gains. Another quiet day on the news side,
as markets appear to be relieved by the president's decision not to add
tariff's on Mexico. For the moment at least, tariff attention turns
back to China. President Trump is now warning Chinese President Xi if
he does not attend the G-20 and meet with President Trump later this
month, then he will immediately implement more tariff's. Markets appear
to be shrugging this comment off as just another threatening tweet. If
President Xi was planning to attend, he may be giving that another
thought today, with national pride now being challenged by the U.S.
President. Not exactly a negotiating tactic we have ever heard of.
Average price of cash
nickel so far this month - $5.32/lb
Average price of LME
traded nickel in in 2018 - $5.95/lb / 2017 - $4.73/lb / 2016 - $4.36/lb
/ 2015 - $5.37/lb /
Reports
Reuters metals morning
- Copper rises on demand hopes, nickel up as steel surges - more
Germany Gets a
Recession Warning as Investor Confidence Plunges - more
U.S. Small-Business
Optimism Climbs to Highest in Seven Months - more
Equities Rise With
U.S. Futures; Treasuries Steady: Markets Wrap - more
Positive IOD likely
for winter; El Niņo WATCH remains - more
Monday's market review - Aluminium bounces after hitting 29-month
low on China trade data - Consumer buying and short-covering helped
aluminium to bounce on Monday from its lowest since January 2017 after
data showed an upswing in exports from top producer China, fuelling
worries about oversupply. - more
Indonesia floods affect shipment of nickel ore - Floods in
three provinces of Sulawesi, Indonesia affected the loading of nickel
ore at ports and production of local nickel pig iron (NPI) mills, an
SMM survey found on Tuesday June 11. - more
Morning Nickel
Price Statistics & Figures
Today's almost
official prices here / Yesterday's
actual LME official prices here or here
Shanghai Jinchuan
nickel price - available here or here(updated)
Please let
us know if any of these links stop working, stop carrying info, or
become available to subscriber's only. We encourage our readers to use
the services of those companies who supply news and information free of
charge.Contact
us
Monday, June 10
Daily
Nickel/Stainless Steel Briefing(7:00
AM CST is 12 PM in London)
Nickel closed Friday's
trading session at $5.27/lb. Indicators at
6:25 am CST today show nickel trading around $.02/lb higher. Stockpiles of
nickel stored in LME licensed warehouses fell slightly on Thursday and
Friday of last week and started this week just under the 163,900 tonne
level. Stockpile numbers start the week well ahead of the first of the
month, a rather unusual situation for the year. Nickel is trading
slightly higher this morning, but the market appears to be trying to
slow down the bear, rather than starting any kind of bullish run.
Nickel is once again trading at levels it was back in January, with the
next technical support level at $5.19/lb. An article about nickel
appeared in last weeks 'Wall Street Journal' and we address the opening
sentence. "The U.S.-China trade conflict has eroded the prices of most
commodities, but one metal critical to rechargeable batteries is
bucking the trend. Nickel prices have risen 9.1% so far this year to
$11,666 a metric ton,...." This article implies that nickel is 'bucking
the trend' caused by the US-China trade war. In our opinion this is the
kind of information you get when a reporter decided to write an article
on a topic they should study a little more on. The trade war began in
March 2018 when President Trump announced the first round of tariff's
on China. They began on March 23rd. On that day, nickel closed at
$5.92/lb. Nickel would continue to climb until May 1. 2018 when nickel
peaked at $6.92/lb. After a deep slide, nickel would bottom out on
December 1st, 2018 at $4.84.lb, followed by a bump that lasted two
months, talking nickel back up to $5.89/lb, where it has been sliding
since. Cross your eyes, stomp your feet, do whatever you need to do to
convince your readers that pigs can fly, but our daily readers are well
aware that nickel has bucked no trend during this trade war and in an
up and down market, one can pick and choice a starting point to support
an agenda, but an overall trend tells the real story. Have a great
week.
Average price of cash
nickel so far this month - $5.33/lb
Average price of LME
traded nickel in in 2018 - $5.95/lb / 2017 - $4.73/lb / 2016 - $4.36/lb
/ 2015 - $5.37/lb /
Reports
Reuters metals morning
- Copper rebounds as U.S.-Mexico deal calms nerves - more
Interview: U.S.
causing dangerous disruptions to global value chains, says expert - more
China's newest threat
to the U.S. tech industry: Cutting off access to rare earth metals - more
Stocks Rise,
Treasuries Dip on Mexico Trade Relief: Markets Wrap - more
Friday's market review - Copper stumbles towards eighth
consecutive weekly loss - Copper prices were set for their eighth
straight weekly fall after trade disputes, signs of slowing global
economic growth and disappointing U.S. jobs data weakened the demand
outlook for metals. - more
A detour for nickel - Stainless steel continues to shine as the
foremost consumer of the world’s primary and scrap nickel resources. A
global shift toward electric vehicles , powered in part by
nickel-containing batteries, however, could make a dent in the
stainless industry’s dominant presence. - more
Base metals: Mincor hones its nickel focus, but hits 7,610g/t gold in
the process - Mincor Resources is going all in on nickel following a
strategic review of its operations, but not before making a bonanza
grade gold find. - more
Norilsk Nickel 'Not Really' Feeling the Impact of a Trade War: CEO -
Vladimir Potanin, chief executive officer at Norilsk Nickel, discusses
digital technology in the commodities market, the impact of trade on
his company, the threat of U.S. sanctions, and the leadership of
Russian President Vladimir Putin - video here
Zim rakes in US$1bn from minerals in Q1 - Zimbabwe’s mineral
production reached US$970,5 million in the four months to April with
gold accounting for 38% of that amount at US$383,8 million, official
data has shown. - more
Morning Nickel
Price Statistics & Figures
Today's almost
official prices here / Yesterday's
actual LME official prices here or here
Shanghai Jinchuan
nickel price - available here or here(updated)
Please let
us know if any of these links stop working, stop carrying info, or
become available to subscriber's only. We encourage our readers to use
the services of those companies who supply news and information free of
charge.Contact
us
Thursday, June 6
Daily
Nickel/Stainless Steel Briefing(7:00
AM CST is 12 PM in London)
Nickel closed
Wednesday's trading session at $5.32/lb. Indicators at
6:20 am CST today show nickel trading around $.02/lb higher. Stockpiles of
nickel stored in LME licensed warehouses fell on Wednesday and started
today's session just under the 164,000 tonne level. According to the
China index we follow, stainless steel prices are running just over 3%
lower this quarter than last and nearly 2-1/2% lower than this time
last year. Steel futures in that country, which went on the decline mid
May, appears to be trying a recovery this month, but so far, attempts
appear to be unsuccessful. We are starting to see US sales estimates
being tallied for electronic vehicles and the sales increase for May
appear to be healthy. Thru April, worldwide sales of EV 's totaled just
over 660,000 this year, compared to 430,000 thru April last year.
Nickel is trading below a support level it surrendered yesterday, and
unless it can climb back above it today, it could send another bearish
technical signal. So as of today, nickel is up 8-1/2% on the year, or
off nearly 14% in just the last quarter. Both are right, but bulls
trying to sell this as a good year, are painting lipstick on a pig.
This is our last update for the week, so we wish our readers a safe and
relaxing weekend and invite you back next week.
Average price of cash
nickel so far this month - $5.36/lb
Average price of LME
traded nickel in in 2018 - $5.95/lb / 2017 - $4.73/lb / 2016 - $4.36/lb
/ 2015 - $5.37/lb /
Reports
Reuters metals morning
- Shanghai copper hits 2-year low on demand concerns - more
Money Talks: Nickel
and zinc are this expert’s hot stock picks - more
Trade War Ended
China's First Bull Market After Only 69 Days - more
Interview: China sends
positive messages in white paper on trade, says U.S. expert - more
U.S. Futures, Europe
Stocks Climb Alongside Bonds: Markets Wrap - more
Wednesday's market review - Copper hits five-month low as
U.S.-China trade dispute weighs - Copper sunk to a five-month low on
Wednesday as a firmer dollar and anxiety about the fallout on growth
and demand from the U.S.-China trade dispute outweighed dovish comments
from the U.S. Federal Reserve chairman. - more
Stainless steel
output in China to be cut by 50,000 tons in Jun due to maintenance in
weak market - It was reported that the maintenance across China's
stainless steel plants in June would cut output of 200 series by around
50,000 tons, but it seemed the 300 series will face very limited
impact. - more
China sees higher output
of refined nickel in May – China’s output of refined nickel increased
slightly by 1.34% on month in May, according to latest SHMET survey. - more
Trump's Cuba gambit
pushes Canadian miner Sherritt to the brink - Sherritt International
Corp., whose executives were once known as Fidel Castro’s favorite
capitalists, is paying the price for its close ties to the struggling
Caribbean nation. - more
Papua New Guinea PM says
resources reforms will take years - New Papua New Guinea Prime Minister
James Marape doubled down on his plans to earn more taxes from the
gas-and-gold-rich country’s natural resources sector on Wednesday, but
said major reform would not take effect for years. - more
Morning Nickel
Price Statistics & Figures
Today's almost
official prices here / Yesterday's
actual LME official prices here or here
Shanghai Jinchuan
nickel price - available here or here(updated)
Please let
us know if any of these links stop working, stop carrying info, or
become available to subscriber's only. We encourage our readers to use
the services of those companies who supply news and information free of
charge.Contact
us
Wednesday, June 5
Daily
Nickel/Stainless Steel Briefing(7:00
AM CST is 12 PM in London)
Nickel closed
Tuesday's trading session at $5.36/lb. Indicators at
6:15 am CST today show nickel trading unchanged so far today. Stockpiles of nickel
stored in LME licensed warehouses rose by a staggering 5100+ tonnes
yesterday and now total just over the 164,000 tonne level. While a huge
increase on paper, this increase takes us back to where we were in
stockpile numbers on May 24th - in fact we are only 6 tonnes shy of
where we were on that date. More concerning is the drop in the
cancelled warrant percentile over the past month. On the first day of
May, 'sold' inventory made up 39.69% of total LME nickel stockpiles.
Today, that 'sold' figure only accounts for 32+%. We say sold but long
time readers of this blog know that means much more than physical use,
so we could be seeing uncertainty by large trading houses and their
backing off on investment purchases. If in fact the spike in price we
saw before Memorial Day was an attempt to 'shock' the bull into motion,
it has proven to be a failure, and unless someone needed to cover some
bets by forcing the market into short covering, driving the price
higher, nothing was gained by the move. Case in point, nickel is now
trading lower than it was right before the spike. May 9th and May 13th
were the low trading price points for nickel since January, and we are
now in that territory. This will offer traders a technical support
point, albeit a weak one. President Trump is now threatening Mexico
with tariff's over the immigration issue. This is risky, as Mexico
could counter with a tariff on the drug issue - as we suspect there are
more victims in Mexico due to drug production heading to the U.S., than
in the US from tomato pickers sending cash home to their family.
Average price of cash
nickel so far this month - $5.37/lb
Average price of LME
traded nickel in in 2018 - $5.95/lb / 2017 - $4.73/lb / 2016 - $4.36/lb
/ 2015 - $5.37/lb /
Reports
Reuters metals morning
- Most metals rise as dollar weakens on dovish Fed comments - more
Xinhua Headlines:
Decoupling U.S.-China economies "utterly unrealistic," disaster for
world - more
Why Tiny Magnets Could
Be China's Destructive New Trade-War Weapon - more
Stocks Extend Gains as
Dollar Steadies; Oil Falls: Markets Wrap - more
Tuesday's market review - Escalating trade war keeps copper
pinned at five-month lows - Copper prices hovered near a five-month low
on Tuesday as an escalation of the U.S.-China trade war reinforced
concern about demand for industrial metals while the weaker dollar
provided some support. - more
Jun maintenance to affect
#200 stainless steel output by 50,000 mt - Maintenance across stainless
steel producers in June will cut some 50,000 mt of #200 series output,
but is likely to have minimal impact on the output of #300 series, an
SMM survey found on Tuesday June 4. - more
Japanese stainless steel
imports up in Apr m-o-m - According to the official statistics, Japan
imported a total of around 21,000 tons of stainless steel products in
April this year, up by 8.5% compared to the same month a year ago. - more
World’s top miners keep performing but investors unimpressed -
The world’s 40 largest mining companies continued to consolidate their
stellar performance of the past several years by delivering steady
growth in 2018, according to PwC’s Mine 2019 report released today. - more
Australia's Clean Teq to offload half of battery metals project -
(excerpt) But many have stopped short of investing, as buzz over a
demand boom dissipates given the uncertain timeline for electric
vehicle uptake and subsequent price risk of chemicals like cobalt and
nickel sulphate. - more
Morning Nickel
Price Statistics & Figures
Today's almost
official prices here / Yesterday's
actual LME official prices here or here
Shanghai Jinchuan
nickel price - available here or here(updated)
Please let
us know if any of these links stop working, stop carrying info, or
become available to subscriber's only. We encourage our readers to use
the services of those companies who supply news and information free of
charge.Contact
us
Tuesday, June 4
Daily
Nickel/Stainless Steel Briefing(7:00
AM CST is 12 PM in London)
Nickel closed Monday's
trading session at $5.39/lb . Indicators at
6:20 am CST today show nickel trading around $.01/lb lower. Stockpiles
of nickel stored in LME licensed warehouses fell slightly on Monday and
started today just over the158,900 tonne level again. Nickel fell back
below the $12,000 tonne level yesterday and is now trading near the
level it was before the May 24th price spike was triggered. It will be
interesting to see if computer algorithm's react the same this time.
Markets appear to be in a sour mood, and have been since the most
recent tightening of tension in the US-China trade war. If one is to
believe the purchasing manager indexes, then it is apparent both sides
are starting to suffer the ill effects from the production standpoint.
And American consumers have yet to start feeling the full extent of the
price hikes that an increase in cost will bring. As far as market news
goes, it is rather quiet out there. The unofficial summer season has
started, and by August, it can be really quiet on the daily news front.
We will continue to bring you what we can find.
Average price of cash
nickel so far this month - $5.38/lb
Average price of LME
traded nickel in in 2018 - $5.95/lb / 2017 - $4.73/lb / 2016 - $4.36/lb
/ 2015 - $5.37/lb /
Reports
Reuters metals morning
- Industrial metals trade sideways on demand concerns - more
Chinese steel futures
extend losses amid high output, demand concerns - more
Wall Street Is
Desperate for Wonks Who Can Explain the Rise of Populism - more
Stocks Advance After
Tech Rout; Treasuries Decline: Markets Wrap - more
Monday's market review - no metals updates posted Monday by
Reuters
DMCI Mining more than doubles nickel ore shipments - DMCI Mining
Corp. recorded a 118% increase in nickel ore shipments in the first
quarter of 2019. In a disclosure on Monday, DMCI Holdings said its
mining unit more than doubled its nickel ore shipments to 338,000 wet
metric tons (WMT) in the January to March period, from 156,000 WMT
shipped a year ago. - more
Ferrochrome plant shut
down; 300 rendered jobless - The workers at the IDCOL-owned ferrochrome
plant were worried after its authorities shut down operations from
Friday afternoon. - more
Courtesy AISI - In the
week ending on June 1, 2019, domestic raw steel production was
1,890,000 net tons while the capability utilization rate was 81.2
percent. Production was 1,809,000 net tons in the week ending June 1,
2018 while the capability utilization then was 77.2 percent. The
current week production represents a 4.5 percent increase from the same
period in the previous year. Production for the week ending June 1,
2019 is down 0.1 percent from the previous week ending May 25, 2019
when production was 1,892,000 net tons and the rate of capability
utilization was 81.3 percent. - more
Morning Nickel
Price Statistics & Figures
Today's almost
official prices here / Yesterday's
actual LME official prices here or here
Shanghai Jinchuan
nickel price - available here or here(updated)
Please let
us know if any of these links stop working, stop carrying info, or
become available to subscriber's only. We encourage our readers to use
the services of those companies who supply news and information free of
charge.Contact
us
Monday, June 3
Daily
Nickel/Stainless Steel Briefing(7:00
AM CST is 12 PM in London)
Nickel closed Friday's
trading session at $5.45/lb . Indicators at
6:15 am CST today show nickel trading around $.05/lb lower. Stockpiles
of nickel stored in LME licensed warehouses fell on Thursday and rose
on Friday and ended the month of May just over the 158,900 tonne level.
For the month, the average daily decline in LME stockpile numbers
totalled 698.24 tonnes. This is up from April's average of 470.4 tonnes
and barely beat March's average of 683.71 tonnes per day. Nickel
is trading back under the $12,000/tonne level this morning, after cash
nickel averaged $2 tonne under that level in May. Nickel starts the
month of June where it spend most of spring - in bearish territory. Our
hope is it's a bullish week - and month - for you.
Average price of cash
nickel so far this month - $11,998/tonne (average for May)
Average price of LME
traded nickel in in 2018 - $5.95/lb / 2017 - $4.73/lb / 2016 - $4.36/lb
/ 2015 - $5.37/lb /
(SO) NDRC: China’s
crude steel output up 10.1% in January-April
Fears Rise China Could
Choke off Supply of Rare Earths in Trade War - more
Wall Street Warns of
Mounting Recession Risk From Trade War - more
China's steel, raw
materials weaken as demand outlook dims - more
Stocks Slip,
Treasuries Rally on Trade-War Angst: Markets Wrap - more
Friday's market review - Copper set for steepest monthly fall in
3-1/2 yrs amid demand worries - London copper eased on Friday and was
on track for a third straight and biggest monthly fall in
three-and-a-half years as global trade tensions raised concerns on
weaker demand. - more
A Perfect Storm Is Brewing For Nickel - Years of
underinvestment, long lead times for mine development and a coming
surge of electric vehicle demand are all bullish factors for nickel,
said Michael Beck, managing director at Regent Advisors. - more
Iron ore sticks to fundamentals as other commodities dance to
noise: Russell - While geopolitical concerns have been the prime driver
for most commodity markets recently, iron ore has been a standout,
trading largely on traditional fundamentals. - more
Losses drive stainless
steel mills into maintenance in Jun – A stainless steel producer
in China's south-western province of Guangxi began annual maintenance
on its steel and hot-rolled coil capacity as its revenues fell below
costs in a falling market, a source told SMM on Monday June 3. - more
Press Release - For the
month of June 2019, North American Stainless will maintain the fuel
surcharge of 26% for stainless flat and long products. The surcharge
rate is considered a maximum level for June and will be reviewed
monthly. - source
Excess Production Capacity Undermines Stainless Steel Prices -
Stainless steel prices continue to show few signs of recovery. Selling
values, in Europe, have been below producers’ breakeven levels since a
collapse in transaction figures, and the widespread adoption of
effective pricing, in the summer of 2018. - more
Chrome ore exports contribute to stainless steel production -
The export of chrome ores from South Africa for use in the ferrochrome
smelter of Chinese stainless steel group Tsingshan’s stainless steel
plant has contributed to global growth in chrome ore supply. - more
Elections and Weather Push Axiom’s Island Mining Down - During Q1
of 2019, Axiom Mining was faced with the twin threats of staffing and
transportation shortfalls—caused respectively by heavy rainfall and a
general election in the Solomon Islands. - more
RNC
poised to advance Quebec nickel project - RNC Minerals Corp., aka Royal
Nickel Corp., and joint venture partner Waterton are ready to
accelerate discussions with potential participants to advance the
Dumont nickel/cobalt project in Quebec towards construction. - more
Acerinox Not Really At
'Can't Miss' Levels - To whatever extent I’m grudgingly interested in
steel stocks today, it’s because some of the valuations appear to be
pricing in bleak near-to-medium-term scenarios that don’t seem to fit
with what is actually going on in the world (and that’s from someone
who is pretty bearish relative to consensus). - more
Morning Nickel
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Daily
Nickel/Stainless Steel Briefing (7:00
AM CST is 12 PM in London)
. Indicators at
6:15 am CST today show nickel trading around $.12/lb 
Reports
Commodity/Economic
Comments 
Wednesday's market review - Copper hits 5-week high on hopes for
end to U.S.-China trade dispute - Copper prices hit five-week highs on
Wednesday after U.S. Treasury Secretary Steve Mnuchin said a U.S.-China
trade deal was 90% complete, but gains were capped by concern about
demand in top consumer China. - 
Why Goldman thinks nickel is trading like a biotech start-up:
Andy Home - Nickel has been the strongest performer among the base
metals traded on the London Metal Exchange (LME) this year. - 
Taiwan's Tang Eng increases stainless steel prices for Jul - Tang Eng
Iron Works Co., Ltd. (Tang Eng), one of the main stainless steel
manufacturers in Taiwan, announced its new stainless steel prices for
July yesterday (June 26th). - 
Stainless steel net
exports in Jan-May remain lower on year - China's net exports of
stainless steel in May expanded 3% on the year, to stand at 248,700 mt,
the latest customs data showed on Thursday June 27. - 
Watchdog sues for White
House documents on lobbying for Minnesota mining leases - A government
watchdog group is suing the Trump administration for access to e-mails,
notes and memos regarding its decision to renew two federal mineral
leases for Twin Metals Minnesota, the company working to build a
copper-nickel mine just outside the Boundary Waters Canoe Area
Wilderness. - 
Competitive struggle of stainless steel products in East Asia - The
major stainless steel manufacturers' technical competition was
increasingly fiercely in East Asia after the operation of PT. Indonesia
Tsingshan Stainless Steel (ITSS) was added. - 
Nickel industry banking on Build, Build, Build to spur growth -
The Philippine Nickel Industry Association (PNIA) is banking on the
government’s ambitious infrastructure program to drive near-term
industrial growth. - 
China commits $10 billion to mining infrastructure growth -
China and South Africa have cemented good relations by developing
mining infrastructure through the progressive Belt and Road Initiative
(BRI). - 
. Indicators at
6:20 am CST today show nickel trading around $.02/lb 
'The
future is nickel' — mining executive - Toronto-based Cobalt 27 Capital
Corp. is selling out at a low point for its namesake metal, a crucial
component in the lithium-ion batteries used in electric vehicles and
other devices. - 
Producers Attempt to Reverse Price Trend but Buyers Resist - Industrial
activity and steel consumption are stronger, generally, in Scandinavia,
than in the rest of Europe. - 
She Defended Her Land Against a Mine in Guatemala. Then She Fled in
Fear for Her Life - Teresa Muņoz was riding her motorbike along her
regular delivery route on a winding Guatemala road, carrying the
homemade cheese she sold for a living, when she saw in her rearview
mirror one of the white sedans that employees of the Escobal silver
mine drove. - 
WBMS Press Release June 2019 - Nickel market records deficit in January
to April 2019 - The nickel market was in deficit during January to
April 2019 with apparent demand exceeding production by 38.7 kt. In the
whole of 2018 the calculated deficit was 90 kt.. - 
. Indicators at
6:20 am CST today show nickel trading around $.11/lb 
Nickel price to benefit
from short supply, strong steel demand through 2019 - Slower production
increases in leading supplier Indonesia and continued growth in
stainless steel demand are forecast to extend a supply shortage in the
global nickel market, supporting price gains through 2019. - 
Vale's fines doubled for breaking Onįa Puma court order - Fines imposed
on Brazilian mining giant Vale for non-compliance with a court order
issued in February calling for the full suspension of operations at the
company's US$3bn Onca Puma nickel complex have already reached 19.5mn
reais (US$5mn). - 
What is BHP Nickel West searching for under the Nullarbor? - On
several occasions in the past five years, BHP has tried to sell its
WA-based nickel division, Nickel West. - 
Nickel projects attracting
increased investor confidence and interest - Roskill’s Thomas
Höhne-Sparborth discusses with Proactive London’s Andrew Scott the
outlook for Nickel - 
Norilsk Nickel 'Not Really' Feeling the Impact of a Trade War: CEO -
Vladimir Potanin, chief executive officer at Norilsk Nickel, discusses
digital technology in the commodities market, the impact of trade on
his company, the threat of U.S. sanctions, and the leadership of
Russian President Vladimir Putin - 
Zim rakes in US$1bn from minerals in Q1 - Zimbabwe’s mineral
production reached US$970,5 million in the four months to April with
gold accounting for 38% of that amount at US$383,8 million, official
data has shown. - 
Trump's Cuba gambit
pushes Canadian miner Sherritt to the brink - Sherritt International
Corp., whose executives were once known as Fidel Castro’s favorite
capitalists, is paying the price for its close ties to the struggling
Caribbean nation. - 
Papua New Guinea PM says
resources reforms will take years - New Papua New Guinea Prime Minister
James Marape doubled down on his plans to earn more taxes from the
gas-and-gold-rich country’s natural resources sector on Wednesday, but
said major reform would not take effect for years. - 
Japanese stainless steel
imports up in Apr m-o-m - According to the official statistics, Japan
imported a total of around 21,000 tons of stainless steel products in
April this year, up by 8.5% compared to the same month a year ago. - 
Ferrochrome plant shut
down; 300 rendered jobless - The workers at the IDCOL-owned ferrochrome
plant were worried after its authorities shut down operations from
Friday afternoon. - 
Elections and Weather Push Axiom’s Island Mining Down - During Q1
of 2019, Axiom Mining was faced with the twin threats of staffing and
transportation shortfalls—caused respectively by heavy rainfall and a
general election in the Solomon Islands. - 
Acerinox Not Really At
'Can't Miss' Levels - To whatever extent I’m grudgingly interested in
steel stocks today, it’s because some of the valuations appear to be
pricing in bleak near-to-medium-term scenarios that don’t seem to fit
with what is actually going on in the world (and that’s from someone
who is pretty bearish relative to consensus). - 
