Nickel Futures Continue to Collapse on the LME

by on

Nickel only declined slightly on the London Metal Exchange Friday, paring back a sixth straight weekly loss, as some investors deemed this week’s drop to a 7-month low as excessive amid signs of an improving US economy. However, nickel futures continued to decline on the LME and recorded another big loss on Friday.

FREE Download: The Monthly MMI® Report – covering the Stainless/Nickel markets.

US factory output rebounded in September and claims for jobless benefits dropped to a 14-year low, reports said last Thursday. The US is the second-largest consumer of metals. Global consumption of nickel, used to make stainless steel, will exceed output by 20,000 metric tons in 2015, the International Nickel Study Group said in a report dated Oct. 15.

With a decline of 5.2% on the LME to $15,375 per metric ton on Friday, October 17, the nickel 3-month price recorded the biggest decline of the day. A $820.00 decline in the spot price of nickel on the LME left the price at $15,310 per metric ton. The cash price of primary Indian nickel declined 2.2% to INR 965.70 ($15.75) per kilogram.

* Get the complete prices every day on the MetalMiner IndX℠

Chinese stainless steel prices were flat for the day. The price of Chinese ferro-chrome saw essentially no change for the fifth day in a row, remaining around 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.

For the fifth consecutive day, the Allegheny Ludlum 316 stainless surcharge held flat at $1.25 per pound. The price of Chinese 316 stainless coil continues hovering around CNY 26,000 ($4,233) per metric ton for the fifth day in a row. The price of Chinese 304 stainless coil was unchanged 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. The price of Chinese 304 stainless steel scrap remained essentially flat at CNY 16,400 ($2,670) per metric ton.

{Comments Off on Nickel Futures Continue to Collapse on the LME Comments Off on Nickel Futures Continue to Collapse on the LME}