This page is archived news covering the period from June 1, 2005 to June 30, 2005.
If you are looking for current daily market news, please visit this page.

Daily Nickel Market Prices

June 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)


6-30

LME nickel ended the day at $6.78/lb.
*    Far Eastern countries are starting to express deep concerns for the high oil prices. Fairfax Digital is quoting Andy Xie, an economist at Morgan Stanley in Hong Kong as stating "High oil prices are already weighing in Asian economies. If oil prices do not recede, Asia could slide into recession in the short term."
*    LME nickel inventories slipped again yesterday, falling 42 tons to 7,248 tons.

6-29

LME nickel closed at $6.67/lb.
*   Far Eastern stainless producers announce production cuts due to less demand and tighter margins. Yieh is reporting cuts announced by some major stainless steel producers of up to 30%. This would explain some of the sudden slump in nickel pricing.
*   LME nickel inventories slipped 72 tons yesterday to total 7,290 tons.

6-28

Nickel closed up at $6.63/lb, bucking the trend of other LME metals, which were down.
*    Miningmx.com is reporting recent data from China shows there are no signs of an economic slowdown in that country.
*    Nickel inventories stocked in LME warehouses took a big hit yesterday, dropping 468 tons, to total 7,368 tons. This is about a 6% drop in one day.

6-27

Nickel was quiet today, ending at $6.60/lb. Oil dominated market news, closing in on $61/ barrel.
*    Nickel inventories slipped 72 tons to total 7,794 on Friday.

6-24

Nickel continued to fall today, but doubt it will be long before fund buying jumps in and takes it back up. Closed at $6.60/lb. While we are entering the slower part of the year, there are no visible signs (that I can find) for such a dramatic drop, except for profit-takers to cash out. Now we'll just have to wait and see where the buyers bet the bottom of this round of profit taking is. Based on last years cycle, we may have said goodbye to the mid $7/lb range though - at least for now. (personal opinion
*    LME nickel inventories slipped again yesterday, falling 144 tons to 7,866 tons.

6-23

LME traders liquidated long positions on nickel today, which drew the closing price down to $6.75/lb. First time to close below $7, since February.
*    China's exports of iron and steel increased 196% during the first four months of this year, compared to the same period last year, according to China's Custom.
*    LME nickel inventories slipped back 48 tons yesterday but remain above 8M at 8,010 tons.

6-22

LME nickel ends at $7.19/lb.
*    PBS Nova special "World in the Balance: China Revs Up" reports China had 2,000,000 cars in 1995. Today it has 20,000,000. Another interesting statement "In the last two decades, more than 100 million people have moved from the countryside into urban centers, making this the largest migration in human history." Transcript
*    Nickel inventories held in LME warehouses edged over 8M tons yesterday with the addition of 78 tons putting its total at 8,058 tons.

6-21

LME nickel ended the day at $7.19/lb.
*    LME nickel inventories gained 42 tons yesterday to total 7,980 tons.

6-20

LME nickel ended the day at $7.36/lb.
*    Chinese economy showing no signs of slowing down as some had predicted, and metal prices stay strong. Copper set new record high on Friday.
*    LME nickel inventories gained 108 tons Friday to stand at 7,938 tons.

6-17

LME nickel ends the week at $7.35/lb. Oil is up again, closing in on the record of $60, and presently at $58+ on terrorist threats against Nigerian oil production.
*    Yieh is reporting a stainless steel mill in China has been producing fake 200 series stainless steel.
*    LME nickel inventories start the day at 7,830 tons after 36 tons were added yesterday.

6-16

Nickel closes at $7.30/lb.
*    LME nickel inventories fell 60 tons yesterday to start Thursday with 7,794 tons on hand.

6-15

Continuing its daily see-saw, nickel closes on LME at $7.31/lb.
*    Following up yesterday, the SSINA reports import market penetration of the US market, now stands at 49% for stainless steel bar, and 61% on stainless steel wire. The group also warns "U.S. stainless steel bar and rod producers made it clear that the imports, particularly from Italy, Taiwan, India, Germany, China and Sweden, are on the industry’s radar screen and being monitored closely."
*    EU slaps anti-dumping tax on imports of Vietnam's stainless steel fasteners, among other items.
*    LME nickel gainedd 66 tons yesterday to total 7,854 tons.

6-14

Nickel ends the day at $7.24/lb.
*    Yieh.com reports American steeel producers are gathering evidence for a possible anti-dumping claim against Chinese steel.
*    An HSBC Securities analyst tells Purchasing Magazine "....we have passed the peak in the base metal price-spike cycle".
*    Nickel inventories in LME warehouses fell 174 tons yesterday, nearly erasing the last 2 days gain. Total stock of nickel now stands at 7,788 tons.

6-13

LME nickel ended the day at $7.37/lb.
*    Nickel stocks gained Friday by 144 tons to total 7,962 tons.

6-10

LME nickel ended the day at $7.21/lb. Copper stole most of the attention this week.
*    Nickel stock in LME warehouses gained 60 tons yesterday to total 7,818 tons.

6-9

LME nickel ended the day at $7.28/lb.
*    European stainless steel production is expected to increase 3-5% this year, down from the 7% growth it saw in 2004, according to the chairman of the Stainless Steel & Special Alloys Committee. 
*    Falconbridge announced it has completed its feasibility study of the proposed Koniambo project in New Caledonia. If constructed, the earliest possible production would not be until 2009 and the mine would be one of the largest in the world.
*    Inco's COO and president Peter Jones says consensus prices for 2006 nickel are over $6/lb.
*    Nickel inventories gained 126 tons yesterday to total 7,758 tons.

6-8

Nickel closed on LMe markets at $7.21/lb.
*    LME nickel inventories slipped yesterday by 24 tons to total 7,632 tons.

6-7

Profit takers had the market today, dropping all metals, with nickel falling to $7.33/lb.
*    Yieh is reporting a price war is flaring up in the Far Eastern countries on stainless steel. While doubtful this will have any immediate effect on imported stainless steel items, such as fasteners, coming from these countries, it could bring some slight relief in upcoming months. Continued high nickel prices will not allow much of a decrease, if any.
*    Universal Stainless raised base prices on stainless steel approx 6% yesterday. Also raised their nickel surcharge from .23/lb to .30/lb.
*    Nickel stored in LME warehouses took a hit yesterday, dropping 354 tons to 7,656 tons.

6-6

LME nickel prices ended the day at $7.51/lb after hitting a 7 month record high of $7.66/lb earlier in the day.
*    Standard & Poors is sticking with their $6.00/lb forecast on nickel prices for he remainder of 2005, and say they see signs the deficit will continue into 2006.
*    Sally Malay nickel-cobalt-copper mine mill in Western Australia is expected to return to full capacity on Jun 24. It was forced to shut down on May 15 after the discovery of a crack in the girth gear.
*    Smorgon Hartwell Recycling is reporting a serious scrap shortage in the world could last another 12 months.
*    LME nickel inventories increased by 60 tons on Friday to sneak back over 8M at 8010 tons.

6-3

LME nickel closed the day at $7.58/lb. Barclay's is advising the next major resistance may be as high as $7.95/lb?!
*    Steel companies feel pinch as over-production causes glut in market. Late 2004 saw China shift from a net importer to net exporter of steel. Not only is China now looking for new customers, but former steel vendors to China, from other nations, are looking. This over-production is forcing prices down - some report as much as 18% since mid-April. This is affecting stainless sheet, although not to the same degree, while stainless rod and wire maintain their price.
*    BHP Billiton announces that it had recieved acceptances under its offer for WMC Resources for 55.45% of the company's issued shares. The offer is scheduled to close on Friday, June 17th.
*    LME nickel inventories dropped back below 8M tons, with a withdrawal of 102 tons to total 7,950 tons.

6-2

Fund buying helped move nickel up, closing at $7.43/lb.
*    LME nickel  inventories slipped by only 12 tons yesterday to stand at 8,052 tons.

6-1

LME nickel ended the day at $7.26/lb.
*    LME nickel inventories now stand at 8,064 tons with the addition of 186 tons yesterday.





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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