LME nickel stocks hit new record high

Nov 07, 2013 | 05:18 PM | Rey Mashayekhi

Tags  nickel, nickel premiums, LME, London Metal Exchange, LME nickel stocks, LME warehouses, Rey Mashayekhi

NEW YORK — Spot nickel premiums were unchanged Nov. 6, but some market participants forecast an upturn due to a dwindling supply of available material and low prices as stocks in London Metal Exchange-listed warehouses reached another record high.

AMM’s melting-grade premium held at 15 to 25 cents per pound Nov. 6, while the plating-grade premium remained at 50 to 60 cents per pound.

LME nickel stocks reached an all-time record high of 240,408 tonnes Nov. 6. At the same time, the LME’s three-month nickel contract declined to $14,060 per tonne ($6.38 per pound), a 4.6-percent decrease from the two-month high of $14,745 per tonne ($6.69 per pound) reached Oct. 22.....

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