Nickel held its biggest 2-day advance in a month, leading gains among the six main metals on the London Metal Exchange.
Nickel was little changed after surging 4.2 percent in the two days through yesterday, the most since Sept. 4, after US jobs data beat expectations. Prices are up 2.5 percent this month after tumbling 13 percent in September, the largest drop in three years. The metal will recover partly as a result of rising production costs caused by Indonesia’s ore-export ban, Goldman Sachs Group Inc. said in a report Oct. 2.
The spot price of nickel saw the biggest upwards shift for the day, rising 1.5% on the LME to close at $16,725 per metric ton on Wednesday, October 8. On the LME, the 3-month price of nickel gained 1.4% to finish at $16,830 per metric ton. The cash price of primary Indian nickel rose 1.4% to INR 1,052 ($17.16) per kilogram.
Chinese stainless steel prices were flat for the day. The price of Chinese ferro-chrome saw little movement at CNY 8,300 ($1,351) per metric ton. For the fifth day in a row, the price of Chinese ferro-moly remained essentially flat at CNY 145,000 ($23,609) per metric ton.
The Allegheny Ludlum 316 stainless surcharge was unchanged at $1.25 per pound. The price of Chinese 316 stainless coil saw essentially no change for the fifth day in a row, remaining around CNY 26,000 ($4,233) per metric ton. The price of Chinese 304 stainless coil remained essentially flat at CNY 16,400 ($2,670) per metric ton. The price of Chinese 316 stainless steel scrap held steady at CNY 16,100 ($2,621) per metric ton. For the fifth consecutive day, the price of Chinese 304 stainless steel scrap held flat at CNY 16,400 ($2,670) per metric ton.