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Overview of LME Nickel Market during Chinese National Day Holiday
Oct 8,2014 15:19CST
price review forecast
Source:SMM
LME nickel prices bottomed than rallied during the Chinese National Day holiday. LME nickel prices plunged below USD 16,000/mt October 1, dipping to as low as USD 15,869/mt.

 
Opening Price (USD/mt)
High (USD/mt)
Low (USD/mt)
Closing Price (USD/mt)
Trading Volumes (Lot)
Total Positions  (Lot)
Inventories (mt)
Canceled warrants (%)
Oct. 1
16,310
16,310
15,869
16,160
5,328/-310
198,380/607
358,374/2,334
23.44%
Oct. 2
16,150
16,297
16,001
16,099
2,660/-2,668
199,492/1,112
359,166/792
22.49%
Oct. 3
16,149
16,666
16,085
16,660
3,544/884
199,785/293
363,102/3,936
22.90%
Oct. 6
16,595
16,823
16,455
16,756
2,763/-781
198,522/-1,263
364,332/1,230
23.13%
Oct. 7
16,786
16,999
16,600
16,986
3,458/695
199,688/1,166
364,248/-84
23.12%
Source: Webstock
 

SHANGHAI, Oct. 8 (SMM) – LME nickel prices bottomed than rallied during the Chinese National Day holiday. LME nickel prices plunged below USD 16,000/mt October 1, dipping to as low as USD 15,869/mt. LME nickel inventories grew 8,208 mt to 364,200 mt, up 2.3%.

Indonesia's ban on the export of unprocessed ore effective January 12 triggered concerns over nickel ore shortages. This pushed up LME nickel prices to surged from USD 13,831/mt to USD 21,625/mt, up 56%. But global nickel ore surplus, combined with a strengthening US dollar index, pushed LME nickel prices to slump below USD 17,700/mt. LME nickel prices fell to USD 15,869/mt then rallied to USD 16,800/mt.
   
Major economic indicators from the US during the holiday were upbeat, while those from the euro zone were sluggish. The US dollar index thus soared to 86.8. The number of US non-farm employment rose from 180,000 to 248,000 in September, and unemployment rate dropped from 6.1% to 5.9%. Markit's US September manufacturing index slid from 57.9 to 57.5, and ISM manufacturing PMI was down from 59 to 56.6.
  
September PMIs from many euro zone countries were lackluster. Germany's September PMI fell to 49.9 due to geopolitical factor.

China's official PMI in September remains flat at 51.1.
 

nickel prices

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