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LME Ni Average Price in November Up by 9% from Prior Month
= Inventory level is up and rises to 366,834 tons at end of month =
LME monthly average nickel price in November 2016 was <> Cash seller: US$11,142.95 per ton (US$5.054 per lb) and <> 3-month seller: US$11,190.68 per ton (US$5.076 per lb). When compared with the average price in October, the prices for both cash seller and 3-month seller were up by 8.5% respectively. (Hereinafter, the price is per ton)

LME nickel price in November (cash seller) fluctuated by a large margin within the month, and passed between US$11,000 and US$11,700 once in each of the former half and latter half of the month. However, as an up-and-down motion was at a level of being up by US$1,000 from October, the monthly average was grossly up.

In the first week, the price fluctuated up and down around US$10,400, but after Mrs. Hillary Clinton had an advantage in the presidential election, futures prices of nonferrous metals including nickel began to rebound by being pushed by the heightened election campaign. Soon after Mr. Donald Trump was elected on November 9 contrary to the anticipation in the market, futures prices of nonferrous metals rose further, and the price of nickel rose to US$11,710 on November 11, which was due to Mr. Trump's campaign pledge for enhancement of infrastructure buildings. However, the price fell sharply on Monday (November 14) in the beginning of week by losing ground to selling profit, and fluctuated up and down around US$11,200 in that week.

The price again rebounded from November 22 together with the increased oil crude price resulting from the decision of production curtailment made by the main oil producing countries, and rose to US$11,680 on November 28, but dropped back in conjunction with the fact that the U.S. stock market which continued rising by that time dropped back on November 29 due to selling profit, and continued to drop to US$10,965 on November 30.

For reference, as a result of the inventory level reiterating ups and downs in the small range, the inventory level in LME designated warehouses at the end of the month (at the time of trade closing on November 29) was 366,834 tons, up by 3,810 tons from the end of the last month. This is an increase for 2 consecutive months.

The trends in the monthly average price and month-end inventory level are as shown in the table below.
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last modified : Thu 08 Dec, 2016 [09:28]
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