NEW YORK A rise
in spot inquiries for nickel due to low prices on the London
Metal Exchange failed to convert into more transactions, as the
already slow market was rendered even slower by the
Independence Day holiday.
premiums were steady in a range of 15 to 25 cents per pound and
plating grade premiums held at 50 to 60 cents per pound for
three-month nickel contract closed the July 5 official session
at $13,605 per tonne ($6.17 per pound), down 1.5 percent from
$13,815 per tonne ($6.27 per pound) June 20.
told AMM that few spot transactions were taking place,
despite an increase in interest from consumers sparked by the
low nickel prices.
picked up a little in June. It was busier in June than it was
in May or April. Id say the main reason is due to the dip
in nickel prices. It whets their appetite to bring in nickel at
a lower cost, though customers are still very hand-to-mouth,"
one trader said.
"Weve had a few
more spot inquiries in the last week or so, though not a pound
of business," a second trader said.