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3-31 |
LME nickel closed the day at $7.21/lb
* Nickel inventories on the LME slipped by 42 tons to start
the day at 10,002 tons. |
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3-30 |
Fund liquidation took nickel down to 5 week lows, but rebounded and closed
at $7.10/lb.
* LME nickel inventories fell by 234 tons Monday to total 10,044
tons. |
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3-29
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Nickel closed down at $7.04/lb.
* Scrap magazine reports French investment bank Societe Generale,
known as SG, has revised its latest forecast for 2005 average price of nickel
to $6.55/lb. So far this year, nickel has averaged $6.93/lb compared to the
$6.28/lb average of 2004.
* International Nickel Study Group is predicting China will
be the world's largest consumer of nickel by 2008, replacing Japan for the
top spot.
* Yieh is reporting the steel industry was stunned last week
to learn BHP is asking for a 100% price increase in iron ore priced starting
in April. In February, other iron ore producers in Brazil and Australia
negotiated 71% price increases.
* Fortune Magazine names POSCO of Korea as the world's most
admired steelmaker
* LME nickel inventories begin the week with 10,278 tons, down
324 tons from Thursday. |
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3-25 |
London Metal Exchange closed until Tuesday, March 29th. |
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3-24 |
LME nickel closes at $7.14/lb and traders see
more downward pressure in the coming days.
* LME nickel inventories fell again yesterday, retreating by another
168 tons to total 10,602 tons. |
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3-23
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A stronger dollar pulled metals down today, with LME nickel ending the
day at $7.19/lb.
* LME nickel inventories slipped yesterday by 72 tons to total
10,770 tons. |
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3-22 |
LME nickel closed at $7.35/lb.
* US Fed raises interest rate 1/4 point to 2-3/4%.
* Molybdenum drops a nickel a pound.
* Yieh is reporting stainless steel scrap is being bought by
Asian stainless mills for $1576/metric ton to $1630/metric ton this month.
* Nickel inventories continue on the gaining side, adding 156
tons yesterday to total 10,842 tons. |
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3-21 |
Dollar strengthened and nickel slipped to close at
$7.28/lb.
* Interesting article about China. Although written with some
anti-American prejudice evident, the article does include some interesting
information about Chinese-US relations.
Article
Here
* With the addition of 24 tons on Friday, LME nickel inventories
stand at 10,686 tons. |
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3-18 |
LME nickel closed the week on a gain day, closing at
$7.37/lb.
* LME nickel inventory gained 132 tons yesterday to begin Friday
with a total of 10,662 tons. |
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3-17 |
Fund selling hit metals today as oil rose to over $57 barrel and the
dollar strengthened. Nickel held up well though, and closed at
$7.17/lb.
* LME nickel inventories, after 3 days of gains, lost 60 tons
Wednesday, now totaling 10,530 tons. |
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3-16 |
LME nickel closed the day at $16,000/ton or
$7.26/lb. Copper and oil hit a new record high.
* Another 474 tons added to LME nickel inventories yesterday
pushed the total to 10,590 tons. |
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3-15 |
LME nickel ended the day at $7.25/lb.
* Molybdenum took a huge jump yesterday, selling at $35.50/lb.
Bad news for 316 stainless users.
* LME nickel inventories jumped over the psychological 10M ton
mark yesterday, gaining 450 tons to total 10,116 tons. More profit taking
is likely. |
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3-14 |
LME nickel ends the trading day at
$7.20/lb.
* Scrap magazine is reporting the average price for LME nickel
so far this year has been $6.77/lb.
* LME nickel inventories continued to gain ground on Friday,
adding 378 tons to total 9,666 tons. With trade figures released Friday showing
US trade deficit growing, along with inventories, this is expected to put
some potential downward pressure on the price of nickel. |
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3-11 |
LME nickel closed the week at $7.29/lb.
* Financial Express - Canaccord Capital Inc analyst Greg Barnes
raises his forecasted average nickel price for 2005 to $6.63/lb, an increase
of 8-1/2% than his prediciton in January.
* Molybdenum increased to $29.50/lb yesterday. Interesting article
about molybdenum
here
* LME nickel inventories gained for the 3rd day in a row,
adding 114 tons to total 9288 tons. |
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3-10 |
Nickel closes at $7.24/lb as traders are spooked
by gain in LME inventories.
* Reuters is reporting China could potentially become a net
steel exporter as early as this year. China became the world's largest importer
of steel in 2002.
* Noranda announces it has terminated talks with China's MinMetals
about an acquistion but will discuss a "strategic alliance".
* LME nickel inventories gained for the second day in a row
by 204 tons to total 9,174 tons. |
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3-9 |
LME nickel closed at $7.30/lb.
* Aluminum hits 10 year high today.
* Noranda has reached an agreement with Falconbridge to acquire
the remaining 41% stake in Falconbridge.
* BHP Billiton raised the offer for WMC to $7.85/share last
night, trumping Xstrata's hostile takeover bid.
* Copper hit a 16 year high in yesterday's trading.
* LME nickel inventories gained a little ground Tuesday with
an addition of 462 tons. This puts the total at 8,970 tons. |
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3-8 |
LME nickel closed the day at $7.36/lb.
* Japan retained the honor as the world's largest producer of
stainless steel in 2004, followed by China, Korea, the US, and Germany.
* LME nickel inventory took a big hit yesterday, falling 786
tons to total 8,508 tons. |
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3-7 |
LME nickel ended the day at $7.28/lb.
* Sherrit of Canada has announced it has reached agreement with
Cuba to expand its mining operation in that country, which promises to increase
production by 2006. Nickel is Cuba's largest export and Sherrit's relationship
with the Castro regime is a thorn to the US government.
* Yieh reports South Korean steelmakers produced 1 million tons of
cold rolled stainless steel for the first time in their history last year.
They also are reporting cold roll stainless sheet prices are being raised
in all Far Eastern countries due to nickel prices.
* LME nickel inventories continue to slip, falling 120 tons Friday
to total 9,294 tons. |
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3-4 |
LME nickel ended the day and week at
$7.32/lb.
* Buy your gas on the way home tonight - it's possible you may
be in for a shock Monday morning. USA Today is reporting sources who say
prices could be a quarter higher at the pumps next week.
* Scrap Magazine is quoting Australian Bureau of Agricultural
& Resource Economics as predicting nickel will peak out early in 2005
and then slide backwards throught the remainder of 2005 and 2006. They predict
the price will average $6.37/lb for the year, and fall to $5.79/lb in 2006.
* Xinhua Online is stating for the "short term", the 71%
increase in iron ore will mean an increase in steel prices of 8-10%. The
long range effect will depend on demand.
* Nickel inventories on the LME fell by 168 tons Thursday to
start Friday with 9,414 tons. |
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3-3 |
Nickel rebounded with a vengeance today, closing at
$7.34/lb.
* Yieh reports the increase in iron ore negotiated for April
is already affecting steel prices in the Far East, as steel makers start
to raise prices on hit and cold roll steel.
* Nickel inventories stored in LME warehouses slipped again
Wednesday, falling 198 tons to 9,726 tons. |
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3-2 |
Nickel retreated for a second day as the dollar rose. Ended the day at
$7.03/lb.
* Inco advised today their nickel production will fall in 2005,
from 2004's 522-million lbs to 490/500- million lbs. This sounds much more
dramatic than the 10M metric tons it will equal.
* Xinhua reporting China's MinMetals still in negotiation with
Noranda about a possible purchase.
* Japanese Stainless Steel Association released figures for
2004 giving evidence that nickel's continuing high price is forcing some
to look at lower cost alternatives. Japanese demand for stainless steel in
the nickel bearing 300 series stainless fell by 4.4%, while orders for 400
series stainless (no nickel) rose by over 20%. According to MEPS, Japan
accounts for 10% of the world's stainless steel demand, and the drop above
would account for 3,900 tonnes of nickel.
* LME nickel inventories continue to retreat, falling another
198 tons to total 9,726 tons. |
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3-1 |
Profit taking lead the LME trading day, with nickel slipping to end the
day at $7.12/lb.
* LME nickel inventories fell Monday by 78 tons, breaking thru
the psychological 10M ton barrier to stand at 9,924 tons. |
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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) |
| Today |
$7.27/lb |
$28.50/lb |
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