Nickel jumped nearly 5 percent on the London Metal Exchange today, extending a winning streak that has fueled gains of more than 12 percent in May alone as investors and consumers stock up on prospects of a worsening supply shortfall later in the year. This was after a 4.3 percent jump on Friday.
The Indian nickel cash price saw a 6.2 percent increase on Friday, May 9, reaching INR 1,223 ($20.40) per kilogram and making it the biggest mover for the day. Last Friday, the nickel spot price rose 4.3 percent on the LME to land at $19,380 per metric ton. Friday closed the 3-month price of nickel at $19,405 per metric ton on the LME, after moving up 4.2 percent.
Chinese stainless steel prices were mixed for the day. The price of Chinese ferro-chrome was unchanged at CNY 8,300 ($1,333) per metric ton. The price of Chinese ferro-moly saw essentially no change for the fifth day in a row, remaining around CNY 145,000 ($23,283) per metric ton.
The price of Chinese primary nickel gained 5.8 percent, finishing at CNY 132,800 ($21,324) per metric ton. The Allegheny Ludlum 316 stainless surcharge held steady at $1.16 per pound. For the fifth consecutive day, the price of Chinese 316 stainless coil held flat at CNY 26,000 ($4,175) per metric ton. The price of Chinese 304 stainless coil remained essentially flat at CNY 16,400 ($2,633) per metric ton. The price of Chinese 316 stainless steel scrap saw little movement at CNY 16,100 ($2,585) per metric ton.