Nickel Market Fluctuated Slightly Due to Gold Downturn (Oct 26th-Oct 30th)

  • Monday, November 2, 2015
  • Source:ferro-alloys.com

  • Keywords:Nickel, LME, Prices, Stockpiles
[Fellow][Ferro-Alloys.com] Nickel prices showed a little downturn after a rebound earlier. On Oct. 29, gold and other kinds of metals downturn dragged down the nickel prices, which quoted at $10,335 per metric tone, down 1.94 percent.

[Ferro-Alloys.com] Nickel prices showed a little downturn after a rebound earlier. On Oct. 29, gold and other kinds of metals downturn dragged down the nickel prices, which quoted at $10,335 per metric tone, down 1.94 percent.

Among last week, nickel reserve continued to loss to 427,512 metric tones on Oct. 29. So far, about 55percent of nickel industry sank into deficit due to lower commodity prices. However, the industry’s act to cut nickel output is really not much seen, while investors only focus on the lower pace of ore development and decreasing stockpiles.

The Weekly Nickel Prices and Stockpiles in London Metal Exchange

LME Nickel

Closing Price

Stockpile

10.26

10480

428370

10.27

10570

428232

10.28

10540

428220

10.29

10335

427512

10.30

10030

426030

Changes

-450

-2340

The Weekly Nickel Prices in Shanghai Metal Exchange

SH Spot

Average Price

10.26

77950

10.27

77350

10.28

77800

10.29

77950

10.30

76650

Changes

-1300

Russian nickel slows down its export into China, which stabilize the price gap between Jinchuan nickel and Russian nickel. Weaker demand in the downstream market brought a scene of less business when gold collapse push forward the greenback and finally weigh on the base metals. The Shanghai nickel approximately quoted at 78,500-79,200/t, and expected to adjust to 76300-77800/t in the short term.

Chinese and western continue to take looser monetary policy, after the People's Bank of China is double drop in 10 billion reverse repurchase, stay loose on the financing side; The United States in the third quarter GDP growth slowed to 1.5%, but domestic demand remains robust, the Fed FOMC in October to maintain 0.25% of the interest rates unchanged.

  • [Editor:Juan]

Tell Us What You Think

please login!   login   register
  • Buy & Sell

 
Please be logged in to comment!