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|LME Ni Price Continues Declining and Stays at US$9,200 Range Temporarily|
|= Futures price of nonferrous metal also drops against background of unrest about Chinese economy =|
LME nickel prices per ton for cash seller/settlement and 3-month seller on August 24 dropped to US$9,305, down by US$805 from the prior day and US$9,450, down by US$730 ditto respectively. During the trading time in London, the price for 3-month seller dropped to a range of US$9,200 temporarily. (Hereinafter, the price is per ton)|
On this day, as the share prices were falling against a background of the unrest about Chinese economy, the market for LME nonferrous metals largely dropped as a whole and the nickel price also marked a new record low since April 1, 2009.
The transition of prices for 3-month seller is (1) The price started to decline in the Asian market before the trading time in London, and dipped below US$10,000, (2) The price did not stop declining even after the commencement of trading in London, and was priced at US$9,450 in the morning session, (3) The price continued declining thereafter, and dropped to a range of US$9,200 as aforementioned, (4) The price made a recovery owing to US dollar depreciation after the commencement of trading in New York, and returned to a range of US$9,600, but (5) The higher quotation didn't go up further, and again dropped and continued to be US$9,515 with a declining mood until the time when the trading in London finished.
The unrest about Chinese economy as a factor for the above is understood to be due to the fact the Chinese authority did not announce the policy support even after the stock market in Shanghai dropped by 11% from the prior week on August 24. The heavy sense of disappointment prevailed among investors, which led to the main share prices in Japan, Europe and USA, etc. falling drastically across the board, and as the market for crude oil also fell for the first time in 6 years and a half, the market for LME nonferrous metals also suffered a debacle.
|last modified : Mon 31 Aug, 2015 [09:44]|