This page is archived news covering the period from April 1, 2005 to April 29, 2005.
If you are looking for current daily market news, please visit this page.

Daily Nickel Market Prices

April 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)

(all ton listings are metric tons = 2204.6 pounds)


4-29

LME nickel ended the week and month at $7.17/lb. Expect next week to be quiet as China is celebrating their week long Labour Day holiday.
*   Falling 348 tons on Thursday, LME nickel inventories begin the last day of the month at 6,240 tons.

4-28

LME nickel ended the day at $7.15/lb
*   LME nickel continues to drop, falling another 30 tons yesterday to stand at 6,588 tons.

4-27

LME nickel ended the day at $7.10/lb.
*    Yieh is reporting several major Chinese steel manufacturers have agreed to cut production of cold roll stainless by half over the next month.
*    LME nickel inventories slipped again yesterday, although not at the same level as it has over the last few days. Falling by 24 tons, total inventory on hand now stands at 6,618 tons.

4-26

Nickel closed the day at $7.15/lb.
*    LME nickel inventories continued to slip, falling 114 ton to total 6,642 tons.

4-25

LME nickel ended the day at $7.23/lb.
*    Worth noting - this time last year nickel inventories were sliding and at 15,354 tons on 4/26/04. They would gradually fall to hit a low of 7,800 tons on 6/6/04, before climbing. As a reader reminded me today, we are already below last year's lowest point.
*     Nickel inventories held in LME warehouses slid below 7M tons for the first time since early last year. Falling 354 tons Friday, the total stock stands at 6,756 tons.

4-22

Nickel traded slowly on the LME, closing the week at $7.24/lb.
*     Falconbridge announces first quarter profits jump from $184 million last year to $221 million this year on strong metals prices.
*     LME nickel continues to slide, slipping another 114 tons yesterday to start Friday at 7,110 tons

4-21

LME nickel ends the day at $7.21/lb.
*      Inco told Reuters that they expects world miners to produce only 60,000 tonnes of additional nickel this year compared with 2004, with China absorbing 45,000 tonnes of that increase. Demand remains strong.
*     Yieh is reporting Japanese steelmakers have raised the price of 300 series stainless, reflecting a higher nickel charge.
*     LME nickel inventories slumped another 270 tons yesterday to total 7,224 tons.

4-20

LME nickel ended today's trading at $7.28/lb.
*     China commits $1 billion to re-start a Phillipine nickel mine (Nonoc refinery) closed since 1986. Nonoc Island has one of the largest nickel ore reserves in the world.
*     The International Iron and Steel Institute estimates that global demand for finished steel products could reach the billion ton mark in 2005
*     Canadian nickel miner Inco, reported first quarter profits of $313 million(U.S.) compared to $254 million this time last year.  
*     Nickel inventories lost another 378 tons yesterday to total 7,494 tons.

4-19

Nickel rebounded once again, following the see-saw ride it has been on since late last week. Today it closed at $7.24/lb.
*    LME nickel inventories fell below 8M tons with a loss of 360 tons, leaving a total of 7,872 tons.

4-18

LME nickel ended the day at $6.96/lb.
*    Concerns about the impact of high fuel prices on future economic growth getting a lot of attention - last weeks tumble on Wall Street was steepest since 2003.
*    Steel prices declined again last month in the US as demand falls and inventories grow.
*    LME nickel inventories fell again Friday, by another 240 tons. LME warehouses now have 8,232 tons of inventory.

4-15

LME nickel rebounded, closing at $7.16/lb. 
*    Nickel inventories continue to fall, loosing 108 tons yesterday to stand at 8,472 tons.

4-14

LME nickel recouped a little today, closing at $6.99/lb.
*    Oil fell below $50 barrel today before recovering and closing at $50.70/barrel.
*    According to a WTO report out today, the world's largest exporters are now, Germany, the US, and China bumps Japan for #3. The world's largest importers are the US, followed by Germany and China.
*    LME nickel stocks fell by 162 tons Wednesday to begin Thursday at 8,580 tons.

4-13

LME nickel continued to succumb to profit taking, closing at $6.90/lb.
*    LME nickel stocks fell below 9M tons with a total withdrawal of 420 tons, bringing LME stock to 8,742 tons.

4-12

Nickel got caught in LME profit taking, falling to $7.03/lb.
*    LME nickel stocks continue to decline, falling another 132 tons to total 9,162 tons.

Nickel seems to be benefiting from coppers rally, which traded at a record high today. Nickel closed LME trading at $7.34/lb.

4-11

*    Nickel stock stored in LME warehouses slipped another 138 tons Friday to start this week at 9,294 tons.

4-8

Nickel ended the day at $7.29/lb.
*    Inventories of nickel stocked in LME warehouses fell another 348 tons Thursday to begin Friday at 9,432 tons.

4-7

Nickel on the LME closed at $7.34/lb. One analyst stated "It's a traders market. The metal is very volatile, but its fundamentals really aren't that good".
*    LME nickel inventories fell again Wednesday, down 156 tons to 9780 tons.

4-6

Fund money poured into nickel today, shooting it to a six month high. LME nickel closed at $7.43/lb.
*    Nickel inventories in LME warehouses fell below 10M tons again yesterday, slipping by 198 tons to end the day at 9,936 tons.

4-5

LME nickel closed at $7.10/lb.
*    LME nickel inventories continue to see-saw, falling 120 tons yesterday to total 10,134 tons.

4-4

LME nickel ended the day at $7.13/lb.
*    LME nickel inventories gained Friday by 318 tons to begin this week with 10,254 tons.

4-1

LME nickel closed the day at $7.09/lb.
*    LME nickel inventories slipped under the 10M ton mark for the second time this year yesterday. Inventories fell by 66 tons to start April at 9,936 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)
Today $7.27/lb $28.50/lb


[Most Recent Exchange Rate from www.kitco.com]


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