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LME Ni Ave. Price in Nov. on Weak Note, Unchanged from Prior Month
= It makes V-shaped recovery during month but softens at end of month. End-of month inventory is 404,000 tons =
LME monthly average price in November 2014 was <> Cash seller: US$15,706.25 per ton (US$7.124 per lb) and <> 3-month seller: US$15,779.00 per ton (US$7.157 per lb). As compared with the average price in October, the prices for cash seller and 3-month seller were down by 0.4% and 0.5% respectively, which showed a movement on a weak note with being almost unchanged from the prior month. (Hereinafter, the price is per ton.)

The market price for LME nickel price (3-month seller) during November hovered at a low level while fluctuating between US$15,000 - US$15,600 in the former half from the beginning of the month, but rebounded and rose temporarily to US$16,665 (November 24). Unlike in the case in October when it dropped continuously from the beginning of the month to the end of the month, in made a V-shaped recovery

The reason why the price showed an upward trend is because the speculators strongly expected the results of economic policies in Japan and Europe, which made the difference between the upper and lower prices be US$1,575. However, as a result of the price drop which was caused by the sharp drop in the crude oil market in the last week of the month which also had an adverse impact to overall non-ferrous metal, the range of price hike from the beginning of the month to the end of the month remained at US$480.

On the other hand, the storing volume into the LME designated warehouses continued to increase also in November, and the inventory level exceeded 390,000 tons at the time of trade closing on November 17 and 400,000 tons at the time of trade closing on November 26. The end-month inventory increased to 404,496 tons.

The trends in the monthly average price and month-end inventory are as shown in the table below.
data image
last modified : Fri 05 Dec, 2014 [10:05]
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