NICKEL!
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SUBJECT: Bloomberg: Nickel Rises to 19 Year-High Posted By: Malicia
Post Time: 7/17/2006 09:55
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bloomberg.com
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Nickel Rises to 19 Year-High in London as Stockpiles Decline
July 17 (Bloomberg) -- Nickel rose to its highest in at least 19 years as stockpiles shrank, curbing supply of the metal used to make stainless steel.
Nickel stockpiles tracked by the London Metal Exchange fell 120 metric tons to 6,462 tons, the lowest level since May 18 2005, the LME said today in a daily report. Inventory may be used to fill a forecast production shortfall this year. Credit Suisse Group said last month in a report that nickel demand in 2006 will beat output by 15,000 tons.
Nickel ``certainly is being supported by fundamentals,'' said Adam Rowley, an analyst at Macquarie Bank Ltd. in London.
Nickel for delivery in three months on the London Metal Exchange rose $1,200, or 4.7 percent, to $26,800 a metric ton as of 10:30 a.m. London time. That's the highest level since at least 1987, when Bloomberg data begins. The price has almost doubled this year.
Most nickel is used to make stainless steel. Chinese stainless steel production will rise more than 25 percent to 4.7 million tons this year, boosting demand for nickel by 35,000 tons, or half the projected increase in global demand, Beijing Antaike Information Development Co. analyst Xu Aidong said July 7. Global nickel use may rise to 1.33 million tons this year from 1.26 million tons last year, she added.
Of the 6,462 tons in LME warehouses, 3,594 are under ``canceled warrants,'' which means the metal has been bought, according to LME data.
``That leaves less than 3,000 in warehouse and available,'' said Rowley. These levels are ``incredibly low,'' he added.
Among other LME metals, aluminum fell $73 to $2,553 a ton, tin dropped $200 to $8,575, zinc declined $35 to $3,410 and lead slipped $5 to $1,130.
...
To contact the reporter on this story:
Katy Watson in London at kwatson@bloomberg.net
Last Updated: July 17, 2006 07:56 EDT
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