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

Daily Nickel Market Prices

August 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 - what we use to determine closing - see bottom of page)


8-31

LME nickel ended the day at $6.74/lb.
*    MEPS is reporting world output of crude stainless was up almost 6% in the first half of 2005, compared to the same period last year. Without China, output in the rest of the world was up only 1.8%.
*    Nickel inventories continue to gain, with another 204 tons added Tuesday to bring the total warehoused by LME at 9,714 tons.

8-30

LME nickel ended the day at $6.69/lb.

8-29

LME markets closed for Summer Bank Holiday today.
*    Another large gain Friday, as LME nickel inventories grew by another 540 tons to total 9,510 tons.

8-26

LME nickel stalled again today, closing at $6.72/lb.
*    LME nickel inventories got another good boost yesterday, adding 492 tons, taking the total to 8,970 tons.

8-25

LME nickel ended the day at $6.73/lb, showing very little movement in the last 3 days.
*    Ahora.co.cu reported Cuba is investing heavily in the northeastern province of Holguin, where  the world's greatest reserve of cobalt and nickel are found. Besides adding a third plant to produce ferro-nickel, an 11-km long conveyor belt is being built. In 2005, Cuba has a production goal of 12,400 tons. By 2007, the article states, the potential could be as high as 120,000 tons.  
*    LME nickel inventories gained 144 tons yesterday, to bring the total to 8,478 tons.

8-24

LME nickel closed at $6.73/lb.
*    There are signs that the stainless steel market is starting to pick back up.
*    An additonal 150 tons added to LME stocks, brings the nickel inventories to 8,334 tons.

8-23

LME nickel ended the day at $6.74/lb.
*    Another 78 tons added to LME inventories yesterday takes the total to 8,184 tons.

8-22

LME nickel ended the day at $6.86/lb as funds showed renewed interest and the contract talks at Inco Manitoba keeps everyone jittery.
*    LME nickel inventories increased 72 tons on Friday to start the week at 8,106 tons.

8-19

LME nickel ended the day at $6.69/lb.
Metals market in wait and see mode as European and American vacation period draws to an end.
*    LME nickel inventories gained 108 tons to total 8,034 tons - nearly back to where we were  on Tuesday.

8-18

LME nickel ends the day at $6.73/lb.
Global nickel consumption rose by only  1% in the first half of 2005 compared to the same period in 2004 according to the International Nickel Study Group. The INSG said Chinese consumption had risen by over 30 per cent, but global consumption was up by only one percent overall.
*    LME nickel inventories gained 72 tons yesterday to total 7,296 tons.

8-17

Nickel prices retreated again today, closing at $6.80/lb.
*    18-8 stainless scrap moved back up last week, primarily due to its iron content.
*    While old news, here is a nice article from Australia, on why nickel prices are so high and the future looks bright for Australian mines here
*    After a huge gain, LME nickel inventories lost a chunk yesterday, falling by 216 tons to total 7854 tons.

8-16

LME nickel prices stepped back a  little, closing at $6.90/lb. 
*    Inventories of nickel on the LME swelled yesterday, with the addition of 462 tons taking the total to 8,070 tons.

8-15

LME nickel ended the day at $6.99/lb. I am assuming some of the 50 cent plus increase in the last week is due to the Inco negotiations with their union that should be turning serious in the next week or so. If Inco plans to settle, their market strategy would most likely be to drag it out to the very end, and keep investors nervous. Nervous investors gamble and drive the market up.  
*    Xstrata buys a 19.9% share in Falconbridge.
*    LME nickel stocks gained 102 tons Friday to now total 7,608 tons.Nickel had a big day Friday, closing at $6.90/lb.

8-11

LME nickel closes at $6.69/lb.
*     LME nickel inventories gained 114 tons yesterday to total 7,392 tons.

8-10

LME nickel ends the day at $6.66/lb. We are all doomed now.
*     Fed raises US interest rates 1/4% for the 10th time yesterday.
*     LME nickel inventories fell 48 tons yesterday to total 7,278 tons.

8-9

LME nickel ended the day at $6.46/lb.
*    Macquarie Bank  is forecasting the price of nickel to bounce between $4.50/lb and $6.35/lb until 2009. Consolidated Minerals is forecasting $4.50/lb to $5.50/lb.
*    Reports China has asked fabricators to cut back on their power usage as hot summer is straining usage.
*    All traders are watching the negotiations between Inco and its Thompson mine workers, where the current contract expires on the 15th of next month.
*    Nickel inventories on the LME increased 72 more tons yesterday, bringing the total on hand to 7,326 tons.

8-8

LME nickel ended the day at $6.54/lb and oil hit a record $63.99/barrel
*    LME nickel inventories gained 72 tons Friday to total 7,254 tons.

8-4

Next update - Monday August 8th
Nickel closed at $6.44/lb.
*      PriceWaterhouseCoopers issues an 8 page report on market sentiment here
*     An additional 24 tons added yesterday brings LME warehouse totals of nickel to 7,182 tons.

8-3

Weaker dollar makes metals more attractive, and LME nickel ends the day at $6.50/lb.
*     Yieh is reporting markets are nervous as Typhoon Matsa approaches. Deliveries have been delayed since Typhoon Haitang caused severe damage 2 weeks ago.
*     US stainless buyers are seeing lower surcharges for August
*     48 more tons were added to the LME nickel inventories yesterday, bringing the total to 7,158 tons.

8-2

LME nickel ended at $6.39/lb.
*   LME nickel inventories gained 120 tons yesterday to total 7,110 tons.

8-1

LME nickel ends the day at $6.49/lb.
*    Phelps Dodge predicting moly will sell in the $30/lb range, or higher, during 3rd quarter of 2005, as China keeps numerous mines closed for environmental reasons..
*    LME nickel inventories slipped Friday by 48 tons to start August at 6,990 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 $38.50/lb


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 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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