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Better Outlook in China Spurs Commodity Prices (Oct 12nd-Oct 16th)

  • Saturday, October 17, 2015
  • Source:ferro-alloys.com

  • Keywords:Nickel prices, LME stockpiles, Shanghai nickel prices
[Fellow][Ferro-Alloys.com]This week, the nickel price in London Metal Exchange has presented above $10000 per tone and recently it rose 2.37 percent and 4.13 percent in October 7 and October 9 respectively. And in October 13, nickel stockpiles in LME decreased to belo...

[Ferro-Alloys.com]This week, the nickel price in London Metal Exchange has presented above $10000 per tone and recently it rose 2.37 percent and 4.13 percent in October 7 and October 9 respectively. And in October 13, nickel stockpiles in LME decreased to below 440 000 tones and recorded at 438 618 metric tones in October 16, 2015, which suggested that global nickel surplus was further reduced mainly caused by production cuts worldwide.

The Weekly Nickel Prices and Stockpiles in London Metal Exchange

LME Nickel

Closing Price

Stockpile

10.12

10545

441492

10.13

10435

439794

10.14

10500

439740

10.15

10545

439038

10.16

10580

438618

Up/Down

+35

-2874

The Weekly Nickel Prices in Shanghai Metal Exchange

SH Spot

Average Price

10.12

78500

10.13

77650

10.14

77750

10.15

78650

10.16

79150

Up/Down

+650

Shanghai nickel followed last week’s condition when the average price soared 650yuan per tone. Jinchuan Group actively upper-adjusted the nickel quotation to 79,000yuan and 80,200yuan seeing the nickel market to recover.

The nickel price would double its current level in the first quarter of 2017, which equals $9/lb, Alto capital analyst Carey Smith said during the 2015 Australian Nickel Conference.

The delayed FED interest rate increase, coupled with China’s better economic data, commodities prices naturally goes up, and it’s pretty obvious that another foreseeable government support was around the corner.

  • [Editor:Juan]

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