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LME Ni Average Price in May Up by 6% from Prior Month
= However, down to nearly US$12,500 in latter half, and month-end inventory went up to 464,000 tons =
LME monthly average price in May 2015 was <> Cash seller: US$13,508.95 per ton (US$6.128 per lb) and <> 3-month seller: US$13,560.79 per ton (US$6.151 per lb). When compared with the average price in April, the prices for cash seller and 3-month seller were up by 5.7% and up by 5.8% respectively. (Hereinafter, the price is per ton.)

The monthly average price was up from the prior month, but in the former half of May, the price centered around US$14,000, whereas it continued to drop to nearly US$12,500 in the latter half. The prices for both cash seller and 3-month seller at the beginning of the month dropped by US$1,085 at the end of the month

As to the trend in the nickel market (3-month seller), its price centered around US$14,000 in the former half of May as mentioned above, and rose over US$14,500 momentarily within the trading time on May 6, but showed a declining trend after May 12 and dropped to US$12,645 on May 27.

Such reasons are provided for price drop in the latter half of May as (1) The European Central Bank (ECB) announced its policy to advance its purchase of national bonds to May - June by picking up the pace of quantitative easing, (2) US dollar became strong against Euro and (3) LME nickel inventory showed an increasing trend.

A large quantity was stored into the LME designated warehouses very often, and the inventory level updated all-time high on successive days with 455,790 tons at the time trade closing on May 21 and with 463,800 tons on the following day of May 22. The final inventory level in the end of May was 464,364 tons, up by 20,052 tons from the end of the prior month.

The trends in the monthly average price and month-end inventory level are as shown in the table below.
data image
last modified : Fri 05 Jun, 2015 [09:46]
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