This page is archived news covering the period from November 1, 2005 to December 31, 2005.
If you are looking for current daily market news, please visit this page.

Daily Nickel Market Prices

November / December 2005

(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)


12-23

LME nickel endeds at $6.17/lb. Have a happy and safe holiday season!!
*    642 more tons added to LME inventories yesterday takes the total to 32,814 tons.

12-22

LME nickel ended the day at $6.08/lb.
*    954 tons added to LME nckel warehouses, brings the total on hand to 32,172 tons.

12-21

LME nickel closes at $6.00/lb.
*    LME nickel inventories continue to grow, which will put additonal pressure on prices. A gain of 876 tons takes the total to 31,218 tons.

12-20

LME nickel dives today, closing at $6.03/lb as steep gains in inventory cause concern among traders.
*    An additonal 198 tons takes LME nickel inventories to 30,342 tons.

12-19

LME nickel closes at $6.25/lb.
*    LME nickel inventories stand at 30,144 tons and nickel closed at $6.35/lb Friday.

12-14

LME nickel closes down at $6.22/lb.
*    LME nickel inventories continue to swell, yesterday adding 444 tons to total 27,318 tons.


12-13

Nickel closed down on teh LME today, ending at $6.44/lb.
*    A huge increase of 894 tons takes LME nickel inventory to 26,874 tons.

12-12

Traders seem to be buying on a wing and a prayer - up toady at $6.47/lb.
*    Another large increase of 534 tons takes LME nickel inventory levels to 25,980 tons.

12-9

LME nickel closed the week at $6.36/lb.
*    276 more tons of nickel brings total LME nickel stocks to 25,446 tons.

12-8

LME nickel took a big leap today, closing at $6.35/lb.
*    Another 330 tons pushed LME nickel inventories over 25M to 25,170 tons.

12-7

LME nickel ends the day at $6.09/lb.
*    The addition of 264 tons of nickel take the total stocked in LME warehouses to 24,840 tons.

12-6

LME nickel continues to rise - closing at $6.06/lb.
*    LME nickel inventories continue to grow, adding 360 tons yesterday to total 24,576 tons.

12-5

LME nickel ends the day at $6.06/lb as traders gamble de-stocking that is traditional in the fourth quarter will end soon, and inventories will again tighten.
*    LME nickel inventories at 24,216 tons. Nickel closed at $5.92/lb on Friday.

12-1

LME nickel ended at $5.80/lb.
*    LME nickel inventories go over 23M tons, as a gain of 684 tons yesterday pushed the level to 23,016 tons.

11-30

LME nickel closes at $5.81/lb.
*   Rumors afloat. Will Xstrata surrender Falconbridge to Inco, make a counter proposal, or surprise everyone and make an offer to buy out Inco?
*   LME nickel inventories gained another 144 tons yesterday to total 22,332 tons.

11-29

LME nickel ended the day at $5.91/lb.
*    6 more tons were added to LME nickel stocks yesterday, bringing the total to 22,188 tons.

11-28

LME nickel ended the day where it started - $5.92/lb.
*    Nickel inventories start the week at 22,182 tons and ended at $5.92/lb on Friday.

11-23

Next update, Monday Nov 28 - Happy Thanksgiving!
LME nickel closed at $5.73/lb.
*    Nickel inventories gained another 162 tons yesterday to total 21,408 stored in LME warehouses.

11-22

Nickel endes the LME trading day at $5.70/lb.
*    LME nickel inventories gained 102 tons yesterday to total 21,246 tons.

11-21

LME nickel ended up at $5.85/lb, a 6 week high.
*    A 318 ton gain on Friday takes LME nickel inventories to 21,144 tons.

11-18

LME nickel ended the day at $5.60/lb.
*    Another 144 ton gain brings LME nickel invetories to 20,826 tons.

11-17

LME nickel ends the day at $5.42/lb.
*      Inco expects to produce first finished nickel from the Voisey's Bay concentrate in the first quarter of 2006.
*      Falconbridge declares force majeure on certain shipments after elevated impurity levels at its Nikkelverk refinery in Norway forced it to lower its output projections for refined nickel.
*     Another 474 tons added to LME nickel inventories takes the total to 20,682 tons.

11-16

LME nickel ended the day at $5.32/lb.
*    New Caledonia's main nickel mine is suffering major labor unrest after the dismissal of 2 employees.
*    LME nickel inventories gained 366 tons yesterday. Totals now go over 20M tons with 20,208 tons.

11-15

LME nickel ended at $5.39/lb.
*    Falconbridge  may decide later today whether to proceed with the $2.2 billion Koniambo nickel mining and smelting project in New Caledonia - (will announce by end of year)
*    LME nickel inventories gained 234 tons yesterday to total 19,842 tons.

11-14

Nickel remains quiet, closing at $5.39/lb.
*    LME nickel inventory lost 246 tons on Friday to begin the week at 18,608 tons.

11-11

LME nickel ended the day at $5.38/lb.
*    A big "thank you" to US veterans and active duty military personnel. You do not make the politics, but you make the sacrifice's asked, and for that , and the freedom that we have today, we honor you on this Veteran's Day.
*    LME nickel inventories close in on 20M tons, with yesterday's additional 156 tons bringing the total to 19,854 tons.

11-10

LME nickel ended the day at $5.39/lb.
*    An additonal 186 tons takes LME nickel inventories to 19,698 tons.

11-9

LME nickel closed at $5.38/lb.
*    336 more tons of nickel were added to the LME stock yesterday, bringing the total to 19,512 tons.

11-8

LME nickel ended the day at $5.56/lb.
*    Dollar hits 18 month high against Euro.
*    LME nickel inventories gained 72 tons yesterday to total 19,176 tons.

11-7

LME nickel ended the day at $5.51/lb.
*    As of Monday morning, LME nickel inventories stand at 19,104 tons. Market ended at $5.31/lb Friday.

11-3

LME nickel ended at $5.24/lb. It's been 18 months since its been this low.
*    288 more tons of nickel added, brings LME nickel inventories to 18,708 tons.

11-2

Other metals were up today, and nickel closed at $5.29/lb.
*     Another 174 tons takes LME nickel inventories to 18,420 tons.

11-1

LME nickel slumps further, closing at $5.27/lb.
*    Interesting article here
*    Macquarie downgrades its nickel forecast for 2006 and 2007, It is now forecasting $5.25/lb for 2006 and $5.75/lb for 2007.
*    LME inventories gained 192 tons to total 18,246 tons.

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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