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|LME Ni Average Price in July Down by 11% from Prior Month|
|= Upper quotation during month exceeds US$12,100, but lower quotation dips below US$10,500 =|
LME monthly average price in July 2015 was <> Cash seller: US$11,385.87 per ton (US$5.165 per lb) and <> 3-month seller: US$11,439.78 per ton (US$5.189 per lb). When compared with the average price in June, the prices for cash seller and 3-month seller were down by 10.9% and 10.7% respectively. (Hereinafter, the price is per ton.)|
In July, basically the market showed a declining trend, but hovered with repeated large up-and-down motions like the upper quotation exceeding US$12,100 or US$11,800 and the lower quotation dipping below US$11,000.
As to the trend in the nickel market (3-month seller), the price was quoted at US$12,110 on 2nd of the beginning of the month but there was a moment when the price dipped below US$10,500 within the trading time. This was due to the increased probability of the default by Greece and the drop in the stock price in the Chinese market. As to the Greece matter, the positive attitudes taken by the respective countries concerned were appreciated, and the European economy made a slight recovery, which led to the recoveries in LME nonferrous metal market as well as in the nickel price. However, the slumping stock price in the Chinese market gave an adverse impact to LME nonferrous metal market frequently after that, and the price of nickel made a record of dipping below US$11,000 on 27th, 30th and 31st of the month.
What's more, the inventory level in LME designated warehouses was up from the end of June owing to sporadic large-lot entering, and marked a record of 460,098 tons at the time of trade closing on 30th, which was up by 2,988 tons from the end of last month.
The trends in the monthly average price and month-end inventory level are as shown in the table below.
|last modified : Fri 07 Aug, 2015 [09:52]|