Nickel

摘要

Over the last month, LME nickel prices have continued* to spiral downwards against a backdrop of deteriorating market fundamentals. Demand has contracted sharply as stainless mills around the world have reduced their off take of nickel on a substantial scale. Oversupply has consequently become more widespread, mainly of non-LME deliverable nickel units such as scrap and low-grade nickel pig iron. But even the production of primary nickel has recently been running ahead of demand, as evidence by the marked increase in LME stocks this month. From a level of 8,856t at the end of June, LME stocks have risen by 10,896t to reach 19,752t by mid-August. Reflecting the nickel market's shift into surplus, the daily official LME 3-month price has slumped to