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|LME Ni Average Price in May Down by 2% from Prior Month|
|= Futures price of non-ferrous metals shows declining trend due to low crude oil price and high dollar =|
LME monthly average nickel price in May 2016 was <> Cash seller: US$8,689.25 per ton (US$3.941 per lb) and <> 3-month seller: US$8,737.50 per ton (US$3.963 per lb). When compared with the average price in April, the prices for cash seller and 3-month seller were down by 1.8% and down by 1.7% respectively. (Hereinafter, the price is per ton) |
The nickel price (3-month seller) which showed an upward trend during April dropped back after reaching US$9,575 on May 3 as a peak and continued to drop in early and mid-month.
This drop was due to the transfer of speculators' funds to US dollar from non-ferrous metals owing to dollar appreciation stemming from the possibility that the Federal Reserve Bank will raise the interest during June to July has become more in addition to cheap crude oil price because of the possibility of freezing the production increase of crude oil being denied.
After that, the nickel price went down to US$8,335 on May 23, but took an upward turn together with futures products of other non-ferrous metals and made a recovery up to US$8,520 at the end of the month, which resulted in a drop by US$1,055 from the beginning of the month to the end of month.
For a reference, the inventory level in LME designated warehouses showed a downward trend, and the month-end inventory level (at the time of trade closing on May 27) was 401,766 tons, down by 15,738 tons from the end of the last month.
The trends in the monthly average price and month-end inventory level are as shown in the table below.
|last modified : Tue 07 Jun, 2016 [09:36]|