LME Nickel Down As China Closes Markets

Base metals moved to lower prices in Thursday’s LME morning session in thin and volatile conditions in the absence of Asian market participants over Chinese New Year – nickel hit a one-year low and zinc its softest for three weeks.

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“For now, we would expect the metals to take their lead from the dollar/euro and from developments over Greece. Should a loan extension be agreed, there may be room for a relief rally,” FastMarkets analyst William Adams said.

The Indian nickel cash price saw a 1.7% drop on Thursday, February 19, landing at INR 884.90 ($14.25) per kilogram and making it the biggest mover of the day. On the LME, the 3-month price of nickel fell 0.7% to $14,150 per metric ton. The nickel spot price weakened by 0.6% on the LME, settling at $14,125 per metric ton.

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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 10,950 ($1,751) per metric ton. The price of Chinese ferro-moly saw little movement at CNY 82,000 ($13,112) per metric ton.

For the fifth day in a row, the Allegheny Ludlum 316 stainless surcharge remained essentially flat at $0.94 per pound. The price of Chinese 316 stainless coil remained essentially flat at CNY 23,700 ($3,790) per metric ton. The price of Chinese 304 stainless coil continues hovering around CNY 16,700 ($2,670) per metric ton for the fifth day in a row. For the fifth consecutive day, the price of Chinese 316 stainless steel scrap held flat at CNY 13,050 ($2,087) per metric ton. The price of Chinese 304 stainless steel scrap saw little movement at CNY 9,450 ($1,511) per metric ton.

[download-button url=“https://agmetalminer.com/monthly-report-metal-price-index-trends-february-2015/“] Download: MetalMiner’s February Price Trends Report[/download-button]