With an average LME price of nickel so far this month at $6.71/lb compared to last month’s average of $6.78/lb, nickel has failed to shore up price support. Nickel has closed lower than its open for the past week. Positive economic data will potentially lift prices. The rumor mill thought that Bernanke’s press conference on Wednesday would help lift metal prices but nickel will need something a little stronger.
The Indian nickel cash price experienced the biggest price decline of the day, dropping 2.2 percent on Thursday, June 13. The spot price of nickel saw a 0.8 percent decline on the LME to $14,380 per metric ton. On the LME, the nickel 3-month price declined 0.8 percent to $14,440 per metric ton.
Chinese stainless steel prices were mixed for the day. The price of Chinese ferro-chrome remained essentially flat. The price of Chinese ferro-moly was unchanged as well.
After three straight days of no change, the price of Chinese primary nickel decreased by 0.1 percent. The price of Chinese 316 stainless coil continues hovering around $4220-$4240 per metric ton for the fifth day in a row. The price of Chinese 304 stainless coil saw little movement. The price of Chinese 316 stainless steel scrap held steady. For the fifth consecutive day, the price of Chinese 304 stainless steel scrap held flat.