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 Daily Nickel/Stainless Steel Briefing
- Nickel closed Monday's trading
session at $7.57/lb
 ($16,690/tonne). Indicators at 5:35 am CST today show
nickel trading around $.03/lb
lower. Stockpiles of nickel stored in LME approved warehouses rose on
Monday and started today's trading session reading near the 135,150
tonne level. Shanghai nickel dropped sharply to 127,310 y/t overnight.
Well yesterday we reported that the $17,000 tonne level appeared to be
both a level of support and resistance for nickel traders, and that
support gave way shortly after we posted yesterday's update. Nickel is
now trading at a four week low, and deep into the $16,000's. Early last
month we saw nickel fall below the $16,000 tonne level, so there is
still room for the bears to roam. Stay safe out there and have a great
Tuesday!
- Average price of LME traded cash nickel
so far this month
- $7.85/lb
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 Reports
- Reuters metals morning - London copper gains as China hopes offset firmer dollar - more
- Refinitiv Inside Commodities - pdf here
- SMM Daily Comments - more
- ING The Commodities Feed - daily here
- U.S. Stainless Steel Scrap Prices - more
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 Shanghai Metals Market
- SHFE Stainless Steel Futures (yuan) - more
- SHFE Nickel Futures (yuan) - more
- SHFE Inventory (updated each Friday) - more
- Shanghai Jinchuan nickel price - here
 London Metals Market
- Yesterday's
LME official prices here
- LME nickel chart - here
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Monday's market review - China rate cuts fuel
copper's climb to one-week peak - Copper prices climbed to one-week
highs on Monday as interest rate cuts in China raised hopes of stronger
demand in the top ... - more
Stainless steel prices stabilise but downside remains -
European finished stainless steel prices stabilised over the past two
weeks on projected supply tightness following Spanish stainless steel
producer ... - more
Sherritt's Moa nickel mine hit by nationwide power outage
in Cuba - Nickel and cobalt production at Canadian producer Sherritt
International's Moa Nickel mine in Cuba has been hit by power outages,
the .... - more
Acerinox to sell Bahru Stainless for USD 95M - Acerinox,
S.A. and Worldwide Stainless Sdn. Bhd, a company registered in
Malaysia, have signed an agreement pursuant to which Acerinox, S.A.
will sell its .... - more 
Courtesy AISI - In the week ending on October 19, 2024,
domestic raw steel production was 1,631,000 net tons while the
capability utilization rate was 73.4 percent. Production was 1,664,000
net tons in the week ending October 19, 2023, while the capability
utilization then was 72.4 percent. - more
Other News
- Peru’s Chinese-built mega port to soft launch in late November with Shanghai route - more
- McDonald’s sues Tyson, JBS and other beef producers for allegedly fixing prices - more
- Exclusive: US pressures India for quick accountability in Sikh separatist murder plot - more
Economic Stats and Prices (posted in Friday edition)
Why Stainless Steel
- Alloyed for Lasting Value video - here
- Self Repairing for Lasting Value video - here
- 100 Years of Stainless Steel Video - here
- Stainless steel: The role of nickel - here
- The Life of Nickel - pdf here
- The Journey of Nickel - video here
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 Слава Україні! - more
- Market Briefing - Commodity Prices - pdf here
- ImportYeti (free) - search here
- 5 Things You Need to Know about Class 1 & 2 and Intermediate Nickel (Transcript) - more
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