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LME Nickel Prices Fall To Lower Level Than US$30,000 / Ton After Interval Of 6 Weeks
= Oversupply Still Continues, Stocks Come To 42,000 Tons

LME nickel prices at the 20th of November fell to a lower level than US$30,000 per ton after an interval of 6 weeks. Namely, nickel prices at the 20th were <> US$29,900 per ton ( US$13.56 per lb. ) for cash and <> US$29,905 per ton ( US$13.56 per lb. ) for three-month futures.

LME nickel prices at the 19th fell to a large extent and, in the afternoon market, nickel price for three-month futures momentarily fell to a lower level than US$30,000 per ton. This weak tone continued on the 20th and LME nickel price for cash at that day fell to a lower level than US$30,000 per ton. The current situation of nickel has still maintained its oversupply. The production of stainless steel in Europe and the USA was reduced in July - September quarter but is now turning to recover. However, by having felt a repugnance to the aftereffect of subprime loan, a bearish mood covering the whole of base metals has put an influence even on nickel price.

The highest prices of LME nickel as seen recently were those recorded at the 12th of November ( <> US$33,655 per ton for cash and <> US$34,005 per ton for three-month futures ).

For a reference, LME nickel stocks as of the 19th of November came to 42,324 tons, having increased by approximately 10,000 tons compared to that at the beginning of October.
last modified : Wed 28 Nov, 2007 [10:35]
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