| News & Trends | ||
| Average prices of LME Nickel in July 2008 fell to lower levels - 26 Aug, 2008 | ||
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The average prices of LME nickel in July 2008 are known with USD 20,160.22 per tonne for cash and USD 20,347.39 per tonne for three month futures. These average prices of LME nickel in July 2008 came to the lowest ones since May 2006 and renewed the lowest record in this year. In view of a considerable fall of LME nickel price arisen in April to June 2008 period, a power to purchase again LME nickel at reasonable prices revived in July. LME nickel prices started to fall from the beginning of July 2008 and came down to a lower level than USD 22,000 per ton. After that, LME nickel prices continued to fall further. Owing to the weakened US dollar currency and the steeply risen prices of oil and gold, LME nickel price for three month futures once turned to rise to a level of USD 22,500 per ton but immediately weakened again and fell to a lower level than USD 21,000 per ton at the 14th, having fluctuated in the range of USD 20,500 to USD 20,900 per ton until the 22nd. After LME nickel price for three month futures fell to a lower level than USD 20,500 per ton at the 23rd, the price started to fall straight and touched a lower level than US$19,000 per ton at the 24th. Then, in order to cover short position and to purchase LME nickel at reasonable prices by consumers, the purchases became active and LME nickel price for three month futures continued to move on a line of USD 18,500 per ton. LME nickel stocks at the beginning of July 2008 came to 46,860 tonnes and, after that, continued to decrease with a sporadic increase. LME nickel stocks as of July 31st 2008 decreased to 44,526 tonnes. However, LME nickel stocks at present have been still maintained on a high level and are unable to take up a factor to rise nickel price. In addition to oversupply of nickel, the structure to decrease production of stainless steel is enlarging in the world and, consequently, the parties concerned have felt a repugnance to the rebounded prices of LME nickel. | ||
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