Record-High Nickel Inventory Shows Huge Oversupply, But Prices Up

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graph of LME nickel prices against LME nickel inventory

Source: Copper Journal/John Gross

Although the nickel market still shows extraordinary oversupply at the moment (see above!), weekly prices for the base metal rose on MetalMiner’s index.

The price of Chinese primary nickel rose 2.3 percent after falling 1.2 percent during the previous week.

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The cash price of primary Indian nickel rose 5.0 percent over the past week. This was the fourth week in a row of increasing prices. The spot price of nickel rose 2.9 percent on the LME to $14,155 per metric ton after falling 2.1 percent during the previous week. The nickel 3-month price rose 2.6 percent on the LME to $14,215 per metric ton after falling 2.0 percent during the previous week.

Chinese 304 and 316 stainless steel coil and scrap remained unchanged for the week. So did Chinese ferro-chrome and ferro-moly.

Following a steady week, prices for Korean 430 stainless steel coil closed flat as well. Korean 304 stainless coil didn’t really move at all.

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