Nickel/New record nickel prices...

摘要

LME nickel prices have achieved new peak levels over the last month. Amid rumours of producer short-covering and labour unrest at CVRD-Inco's Sudbury and Voisey's Bay operations, the LME cash price rallied to more than 50,000 dollars/t for the first time ever. The move was perhaps surprising in view of mounting evidence that the stainless steel market in Europe and North America is showing signs of softening and that Chinese production of nickel pig iron looks set to grow substantially compared with 2006. Both of these developments have been steadfastly ignored by LME prices, mainly because there has been no corresponding improvement in the availability of nickel. Following a small increase in March, LME stocks have since been drifting down again and yesterday stood at just 4,458t.