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

Daily Nickel Market Prices

September 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)

9-30

LME nickel ends the day at $6.13/lb.
*    LME nickel inventories gained 192 tons to total 12,720.


9-29

LME nickel ended the day at $6.12/lb.
*    LME inventories continue to grow quickly, adding 474 tons to total 12,528 tons.

9-28

LME nickel ended the day at $6.10/lb.
*    LME nickel inventories gained 126 tons to total 12,054 tons.

9-27

LME nickel ends the day at $6.08/lb.
*    Interesting article from Metals Insider about the state of the nickel market here
*    LME nickel inventories gained another 384 tons on Monday to total 11,928 tons.

9-26

LME nickel ends the day at $6.25/lb.
*    LME nickel inventories gained 462 tons to total 11,544 tons Friday

9-23

LME nickel closed at $6.19/lb, with Triland Metals predicting prices to go higher.
*     The China Non Ferrous Metals Journal announces China will become the world's largest producer of stainless steel in 2006.
*     Inventories of nickel on the LME lost12 tons yesterday to total 11,082 tons.

9-22

LME nickel ended the day at Tuesday's level...$6.11/lb.
*     LME nickel inventories of nickel dropped 12 tons yesterday to total 11,094 tons.

9-21

LME nickel ended the day at $6.15/lb.
*    An additonal 54 tons brings LME nickel invetories to 11,106 tons.

9-20

Nickel backed off a tad today, closing at $6.11/lb.
*    ISSF reports world stainless steel production grew 5.5% during first half of 2005 compared to same period last year. Big gainers were China at +54%, and India +10%. Most other regions of the world saw declines.
*    LME nickel inventories crossed the the 11M ton threshold with a 276 ton gain, totaling 11,052 tons.

9-19

Nickel pushed back over the $6/lb range, ending at $6.13/lb.
*   LME nickel inventories gained 72 tons Friday to total 10,776 tons.

9-16

LME nickel bucked the downward trend of other metals and ended the day at $5.97/lb.
*     Inco's Voisey Bay produces its first nickel concentrate Thursday. The new mine, with expected costs of less than a dollar a pound, will help bring Inco's overall average cost of  nickel production of all its mines, down to around $2/lb.
*    Nickel stocks on the LME increases by another 324 tons to put the total at 10,704 tons.

9-15

Can you say heavy fund liquidation? LME nickel closed at $5.90/lb today, down 7% in one day.
*    LME nickel inventories continue to increase, adding 186 tons to now total 10,380 tons.

9-14

LME nickel ends the day at $6.34/lb.
*    LME nickel inventories continue to rise, adding 120 tons to total 10,194 tons.

9-13

LME nickel ended the day at $6.50/lb.
*   Moly on the rise again - bad news for 316 Stainless Steel users.
*   LME inventory gained 300 tons yesterday, taking on hand inventory to 10,074 tons, the first time over 10M tons in a very long time.

9-12

LME nickel ended the day at $6.60/lb.
*    Inco announces tentative agreement with union at Thompson mining and processing complex in Manitoba, Canada.
*    LME nickel inventories gained 242 tons Friday to total 9,774 tons.

9-9

LME nickel ends the week at $6.51/lb.
*    Molybdenum is back up.
*    Much of the last 2 days of gain were erased Thursday when LME nickel inventories fell 426 tons to 9,522 tons.

9-8

LME nickel closed at $6.54/lb.
*    Nickel inventories on the LME neared the 10M mark with an addtional 198 tons bringing total stock to 9,948 tons.

9-7

Bears maintain control and LME nickel closes at $6.57/lb.
*    LME nickel inventories took a huge jump yesterday with the addition of 618 tons, taking the total to 9,750 tons.

9-6

The bears had the market today, and nickel fell with the rest closing at $6.72/lb.
*    The popularity of flat panel TV's is hurting nickel sales. Nickel alloy is used by CRT TV's to produce shadow masks, but ot used in flat screen's.
*    Inventories of nickel fell 42 tons on Monday to total 9,132 tons.
*    LME nickel closed at $6.87/lb Monday, while US was on Labor Day break.

9-2

*    A second day of withdrawals shows LME nickel inventories fell 264 tons to 9,258 tons.

9-1

LME nickel closed up at $6.84/lb.
*    For the first time in a week, LME nickel inventories fell by 192 tons to start today at 9,522 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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