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

Daily Nickel Market Prices

October 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)

10-28

LME nickel ends the day at $5.43/lb.
*    Continuing to gain, LME nickel inventories gained by 246 tons total 17,772 tons.

10-27

LME nickel rebounded a little today, ending at $5.49/lb.
*    LME nickel inventories gained 354 tons to total 17,526 tons.

10-26

LME nickel ends at $5.35/lb.
*   Another big gain of 432 tons takes LME nickel inventory to 17,172 tons.

10-25

LME nickel ended the day at $5.33/lb.
*    LME nickel inventories continue to gain steeply, adding another 570 tons yesterday to total 16,740. This is double what it was just 2 months ago.


10-24

LME inventory gains are making traders nervous, and the price continues to fall, closing today at $5.39/lb.
*    LME nickel inventories stand at 16,120 tons to start the week. Nickel ended Friday at $5.44/lb.

10-20

Daily update will return on Monday due to move - my apologies for the inconvenience
LME nickel ended the day at $5.48/lb.
*    LME nickel inventories grew by 372 tos to total 15,378 tons.

10-19

Been a long time since we have seen nickel under $5.50lb, and it closed today at $5.46/lb. Has the boom gone bust??
*     LME nickel inventories crossed over the 15M ton threshold with an additional 450 tons making the new total 15,006 tons.

10-18

LME nickel ended the day at $5.60/lb.
*    498 more tons of nickel took LME inventories to 14,556 tons.

10-17

Nickel closed at $5.71/lb.
*    Nickel inventories on the LME dropped a tad Friday, by 84 tons to total 14,058 tons.

10-14

Nickel closed on LME at $5.55/lb.
*    LME nickel gained 312 tons to total 14,142 tons.

10-13

Nickel seems to be in a freefall, ending the day at $5.54/lb, a new year low.
*    LME nickel inventories swelled yesterday with an additional 408 tons bringing the total to 13,830 tons.

10-12

Reflecting lower demand and building stock, LME nickel closed down at $5.73/lb.
*    Inco and Falcnbridge announced merger plans yesterday that, if successful, will create the world's largest nickel producer. Swiss based Xstrata, which owns 20% of Falconbridge, could play the spoiler.
*    LME nickel inventories rose 78 tons yesterday to total 13,422 tons.

10-11

LME nickel was unchanged from yesterday at $5.77/lb.
*    Nickel inventories on the LME gained 84 tons yesterday to total 13,344 tons.

10-10

LME nickel ends the day at $5.77/lb, a year low.
*    Couple of forecasts over the past week. Merrill Lynch is predicting the average price of nickel at $7/lb for 2005, $6.50/lb for 2006, and $5.50/lb for 2007. Societe General is forecasting $5.35/lb for 2006 while Macquarie is predicting $6.75/lb for both 2005 and 2006.
*    Nickel inventories on the LME rebounded with an additional 252 tons taking the total to 13,260 tons.

10-7

LME nickel closes at $5.95/lb.
*     LME nickel inventories took a big hit yesterday, dropping 486 tons to total 13,008 tons.

10-6

Nickel traded on the LMe ended at $5.98/lb.
*     Another 192 tons takes LME nickel inventory to 13,494 tons.

10-5

LME nickel ends the day at $6.01/lb.
*    LME nickel inventories continued to gain yesterday, adding 84 tons to total 13,302 tons.

10-4

LME nickel ends the day below $6 at $5.97/lb.
*    MEPS publishes article on their site extremely nervous about the "over-capacity" of Chinese stainless steel and the long term effect it could have on world stainless steel prices
*    LME nickel inventories went over 13M tons yesterday, gaining an additonal 282 tons to total 13,218 tons.

10-3

LME nickel ends at $6.10/lb.
*    LME nickel inventories continue to grow, adding 216 tons to total 12,936 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 $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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