Case-Shiller: US Home Price Growth Slowest in 2 Years, Nickel Declines

US single-family home price appreciation slowed to its weakest level more than 2 years in November as lean inventories and tight lending standards limited housing market activity, according to a closely watched survey released on Tuesday.

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The S&P/Case Shiller composite index of 20 metropolitan areas gained 4.3% in November from the prior year, the slowest since October 2012 although it matched analyst expectations. This compared with a 4.5% annual increase in October.

On the LME, the spot price of nickel fell 2.1% to $14,400 per metric ton. On the LME, the 3-month price of nickel declined 2% to $14,450 per metric ton.

It was recently reported that China may swing back to being a net importer of refined nickel as benchmark prices in London dropped below those in Shanghai for the first time in almost 3 years.

The Indian nickel cash price showed little movement on Monday, hovering around INR 910.70 ($14.82) per kilogram.

The price of Chinese primary nickel saw a 2.8% drop on Monday, January 26, landing at CNY 105,200 ($16,767) per metric ton and making it the biggest mover of the day. The price of Chinese 304 stainless steel scrap saw little movement at CNY 9,350 ($1,490) per metric ton. The price of Chinese 316 stainless steel scrap was unchanged at CNY 12,950 ($2,064) per metric ton. The price of Chinese 304 stainless coil remained essentially flat at CNY 16,700 ($2,662) per metric ton. The price of Chinese 316 stainless coil held steady at CNY 23,700 ($3,777) per metric ton.

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For the fifth day in a row, the price of Chinese ferro-chrome remained essentially flat at CNY 10,950 ($1,745) per metric ton. The price of Chinese ferro-moly saw essentially no change for the fifth day in a row, remaining around CNY 87,000 ($13,866) per metric ton.

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