LME Nickel Price Down Nearly 10%, Correction Coming?

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Nickel tumbled the furthest it has fallen in 31 months on the London Metal Exchange today as investors judged a rally that lifted the metal’s price as much as 56 percent this year to be exaggerated, Bloomberg News said.

The benchmark contract for delivery in three months fell as much as 9.7 percent today, March 15th, the most since Sept. 23, 2011. Nickel jumped about 35 percent since the end of January after a ban on ore exports in Indonesia, the world’s top supplier of the metal from mines.

On Wednesday, May 14, the day’s biggest mover was the cash price of primary Indian nickel, which saw a 4.6 percent decline to INR 1,221 ($20.55) per kilogram. On the LME, the nickel spot price rose 1.5 percent to $21,150 per metric ton. On the LME, the nickel 3-month price rose 1.2 percent to $21,090 per metric ton.

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Chinese stainless steel prices were mixed for the day. For the fifth day in a row, the price of Chinese ferro-chrome remained essentially flat at CNY 8,300 ($1,333) per metric ton. The price of Chinese ferro-moly was unchanged at CNY 145,000 ($23,280) per metric ton.

The price of Chinese primary nickel closed at CNY 146,450 ($23,513) per metric ton. Following a couple days of improvement, prices fell by 3.8 percent. The Allegheny Ludlum 316 stainless surcharge saw essentially no change for the fifth day in a row, remaining around $1.16 per pound. For the fifth consecutive day, the price of Chinese 316 stainless coil held flat at CNY 26,000 ($4,174) per metric ton. The price of Chinese 304 stainless coil remained essentially flat at CNY 16,400 ($2,633) per metric ton. For the fifth consecutive day, the price of Chinese 316 stainless steel scrap held flat at CNY 16,100 ($2,585) per metric ton.

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