Newssummary: Why Nickel Prices not Surge on Falling Supply in Monsoon Season?-Shanghai Metals Market

Hot Keywords

  • Inventory data
  • Rare earths
  • Rare earth
  • Market commentary
  • Zinc
  • Aluminium
  • Iron ore
  • Macroeconomics
  • Copper
  • Sales data
  • MMi Iron Ore Port Index
  • precious metals
  • Nickel
  • Futures movement
  • Evening comments

Newssummary: Why Nickel Prices not Surge on Falling Supply in Monsoon Season?

Industry News 10:48:42AM Jan 14, 2015 Source:SMM

SHANGHAI, Jan. 14 (SMM) – LME nickel prices have been falling for one month since Dec. 5, 2014. Markets earlier expect nickel prices to surge with the arrival of monsoon season in the Philippines. 

Market expectations, however, did not materialize. Why? 

High inventories are blamed for weak prices, Shanghai Securities News cited industry source as saying.

LME nickel inventories ballooned up to 415,000 tonnes, up 54% from 270,000 tonnes last March, according to latest industry data. 

The supply volumes of low and medium-grade nickel ore from the Philippines also far exceeded earlier market estimate.   

However, nickel ore inventories at China’s major ports have been falling since the beginning of monsoon season in the Philippines, which becomes the largest nickel ore supplier since Indonesia’s export ban on unprocessed ores in earlier 2014.  

Nickel ore inventories at China’s five major ports fell to 13.33 million tonnes in the week ending Jan. 9, down for eight consecutive weeks, SMM data show.  

Nickel prices, as a whole, will gain a rising support from market fundamentals in 2015, said an analyst from Baosteel Resources.  

The article is edited by SMM and is provided for information purpose only. SMM assumes no liability and does not warrant the accuracy, reliability or completeness of information contained or quoted in the article, either express or implied. SMM further disclaims any liability for losses in connection with the information contained or quoted in the article.
 
For news cooperation, please contact us by email: sallyzhang@smm.cn or service.en@smm.cn. 

Newssummary: Why Nickel Prices not Surge on Falling Supply in Monsoon Season?

Industry News 10:48:42AM Jan 14, 2015 Source:SMM

SHANGHAI, Jan. 14 (SMM) – LME nickel prices have been falling for one month since Dec. 5, 2014. Markets earlier expect nickel prices to surge with the arrival of monsoon season in the Philippines. 

Market expectations, however, did not materialize. Why? 

High inventories are blamed for weak prices, Shanghai Securities News cited industry source as saying.

LME nickel inventories ballooned up to 415,000 tonnes, up 54% from 270,000 tonnes last March, according to latest industry data. 

The supply volumes of low and medium-grade nickel ore from the Philippines also far exceeded earlier market estimate.   

However, nickel ore inventories at China’s major ports have been falling since the beginning of monsoon season in the Philippines, which becomes the largest nickel ore supplier since Indonesia’s export ban on unprocessed ores in earlier 2014.  

Nickel ore inventories at China’s five major ports fell to 13.33 million tonnes in the week ending Jan. 9, down for eight consecutive weeks, SMM data show.  

Nickel prices, as a whole, will gain a rising support from market fundamentals in 2015, said an analyst from Baosteel Resources.  

The article is edited by SMM and is provided for information purpose only. SMM assumes no liability and does not warrant the accuracy, reliability or completeness of information contained or quoted in the article, either express or implied. SMM further disclaims any liability for losses in connection with the information contained or quoted in the article.
 
For news cooperation, please contact us by email: sallyzhang@smm.cn or service.en@smm.cn.