(all ton listings are metric tons = 2204.6 pounds - what we use
to determine closing - see bottom of page)
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7-29 |
LME nickel ended the day at $6.46/lb as the
market saw a little end of the month profit taking.
* 18-8 stainless steel scrap falls under $1300/gross ton this
week.
* Want to see what the world's largest producer of nickel looks
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Earth.
* LME nickel inventories gained yesterday, with the addition
of 36 tons bringing the total to 7,038 tons. |
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7-28 |
LME nickel ended the day at $6.53/lb.
* An article in the Fairfax Digitals "The Age" by Barry Fitzgerald
is reporting the profits that BHP Billiton will report in August for the
fiscal year ending Sunday will be staggering and nothing the Australian market
has ever seen.
* Echoing the growing choir of pessimistic predictions, Access
Economics of Australia polled 11 analysts from various groups and is reporting
that the price of nickel could fall as much as 34.6% (to $4.88/b) by 2007.
Macquarie is one of the few analysts predicting future upturn's. Concern
has risen as world stainless steel producers cut back on production. The
question remains - will this stainless steel glut last? All eyes are watching
China.
* LME nickel inventories edged up 6 tons yesterday to total
7,002 tons. |
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7-27 |
Nickel was quiet today on the LME trading floor, ending at
$6.39/lb. Copper hit a new record high.
* Yieh in Taiwan is reporting they believe nickel will rise
again in the fourth quarter, while copper could be setting itself up for
a steep fall, potentially as much as 30%.
* Some recent predictions for you. Australian based Macquarie
Bank Ltd raised its forecast for the price of nickel in 2007 to $5.75/lb,
while leaving their 2006 forecast of $6.50/lb alone. RBC Capital markets
of Toronto forecasts $7/lb in 2006 and $6/lb for 2007. And a Citigroup analyst
in Australia is predicting $5/lb in 2006 and $4/lb in 2007.
* Nickel inventories stored in LME warehouses increased yesterday
by 96 tons, now total 6,996 tons. |
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7-26 |
Nickel ended at $6.38/lb after falling as low
as $6.28/lb earlier in the day.
* Outokumpu announces cuts in stainless production due to sluggish
demand of 100M tons.
* Nickel prices averaged $7.44/lb during the second quarter
of 2005.
* LME nickel inventories fell Monday, dropping 132 tons to total
6,900 tons. |
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7-25 |
Copper grabbed all the attention, and apparently investors money today
as it broke a new record high, while nickel quietly slipped back to
$6.36/lb. Nickel doesn't seem to be gaining by the
copper rise, but it could get hurt if copper sells off sharply for any reason.
* Steel scrap metal prices rise worldwide, again.
* LME nickel advanced inventory levels by 48 tons on Friday
to 7,032 tons. |
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7-22 |
LME nickel ended at $6.42/lb, owing some of
its upturn to copper, which hit record highs for the second day in a row.
* LME nickel inventories gained again yesterday, with the addition
of 120 tons bringing the total to 6,984 tons. |
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7-21 |
LME nickel closed at $6.36/lb.
* London, where the London Metal exchange is, saw its second
round of possible terrorist bombings today.
* China reevaluates the value of its currency today, breaking
its fixed tie to the dollar for the first time in 10 years. This could boost
import demand for base metals in China, who can now import a little
cheaper.
* LME nickel inventories gained 60 tons yesterday to total 6,864
tons. |
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7-20 |
Funds felt nickel was a good buy today, raising the closing to
$6.49/lb.
* LME nickel inventories slipped again yesterday, falling 120
tons to total 6,804 tons. |
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7-19 |
LME nickel fell below support level at $14,000/tonne but ended at the
level at $6.35/lb.
* Canadian National Financial Bank is warning of potential
oversupply of nickel within 3 to 4 years as major suppliers rush to develop
new mines.
* LME nickel inventories stepped back yesterday, dropping 24
tons to total 6,924 tons. |
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7-18 |
LME nickel prices ended the day at $6.41/lb.
* Rumors are flying that Swiss based Xstrata, the world's largest
producer of coal, may make a bid for Canadian Inco, world's second largest
producer of nickel. Xstrata recently lost a bid for Australian WMC Resources,
which was purchased by BHP Billiton.
* Reflecting the annual slow period for nickel consumption,
LME nickel inventories continue to grow Friday, gaining 108 tons to total
6,948 tons. |
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7-15 |
LME nickel prices stayed stable at $6.51/lb.
* Once again, LME nickel inventories nudged up. Yesterday saw
an increase of 24 tons to total 6840 tons. |
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7-14 |
LME nickel regained some ground today, closing at
$6.52/lb.
* LME inventories continue to increase, however slightly. Up
72 tons yesterday to total 6,816 tons. |
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7-13 |
Nervous fund markets bailed out again today, driving nickel down to
$6.44/lb.
* LME nickel inventories nudged up another 24 tons yesterday
to total 6,744 tons. |
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7-12
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LME nickel ended at $6.69/lb.
* GSJB commodity specialists tell Australasian Investment Review
they see further nickel price declines coming as the normal summer season
weakness in demand if further complicated by short term cuts in stainless
steel production. They think prices will calm down with the only major concern
for future volatility being a potential strike in late fall at Inco's Manitoba
plant.
* Stainless steel pipe pricing had been stable until recently,
and while some other stainless products are seeing slight decreases, pipe
prices are reportedly increasing.
* LME nickel inventories gained 54 tons yesterday to total 6,720
tons. |
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7-11 |
LME nickel ended the day at $6.72/lb.
* Molybdenum prices continue to fall, which is welcome news
to 316 stainless users.
* Nickel inventories stocked by LME rose 72 tons Friday to start
the week at 6,666 tons, which if your superstitious, could mark the end of
times as we know them. |
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7-8 |
LME nickel ends the day at $6.70/lb as
funds show interest in buying.
* People's Daily reports Brazil has invested $1.2 billion US
dollars into exploration of the Vermelho nickel mine at the Carajas mining
complex in the northern state of Para, with a long range goal of becoming
a world leading producer of nickel.
* Trading floor re-opens on London Metal Exchange.
* LME nickel inventories fell by 54 tons yesterday to start
today at 6,594 tons. |
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7-7 |
LME nickel ended an erratic day unofficially at
$6.59/lb.
* Terrorist explosions rocked London this morning. The London Metal
Exchange, at last report, was not operating its trading floor, as the facility
is located inside a police exclusion zone. "All trading will be conducted
by LME Select which is unaffected and the quotations committee will establish
official prices, unofficial prices and closing prices at the normal time
in accordance with LME emergency procedures."
* LME nickel inventories fell by 234 tons Tuesday to total 6,648 tons. |
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7-6 |
LME nickel ended the day at $6.63/lb.
* LME nickel stocks fell by 66 tons yesterday to total 6816
tons. |
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On the 25th of May of this year, I reported that a close friend and co-worker
had been diagnosed with small cell cancer the day before. 45 year old Rhonda
Western passed away yesterday, one day shy of her daughters 14th birthday.
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7-5 |
LME nickel ended the day at $6.48/lb.
* Derek Pannell, the new chief executive officer of Falconbridge
Ltd, told shareholders Friday he expects metals to soften during the summer
months, but will remain as the underlying fundamentals are still extremely
strong and unchanged. Traders were not so optimistic yesterday as trading
on Monday saw nickel end at $6.39/lb.
* LME nickel stocks slumped 150 tons Friday to begin the new
week at 6882 tons. |
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7-1 |
LME nickel started the second half of the year, down at
$6.57/lb.
* LME nickel inventories begin July at 7,032 tons after dropping
216 tons yesterday. |
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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 |
$38.50/lb |
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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. |