Nickel News -
note: this info is from a link that LC
provided in the header of this board ...
Friday, March 16
Today's official LME nickel closing - cash - $22.46/lb - 3 month buyer - $21.18/lb. Nickel just won't give in to any pressure. It started the day, much like the past week, and headed up to a new record high of $22.00/lb. Then after news a company that held up to a third of the LME inventory, had reduced its holdings, the market fell sharply. By afternoon though, any thoughts of a pending correction were put on the back burner, and prices headed back up. LME 3 month nickel ended the day and week, and what a week, at $21.63/lb ($47,700/tonne) (more) (more) (more) (more) We hope you have a safe and restful weekend, and we leave you with an amazing video clip from nature. (here)
Nickel prices have gone ballistic - "The price of this strategic, silvery-white metal seems to be going as high as the nickel-containing ballistic missiles that defend North American air space. I hate to sound like a broken record, but the price of nickel keeps on breaking records!" - article here (thanks for the plug Stan!)
CVRD plans own ships to reduce freight costs - "Brazilian mining and metals group CVRD plans to have its own large-scale ships given an increase in freight costs, business daily Valor Econômico reported." - article here
Norilsk Nickel board approves Denis Morozov as company head-1 - "The board of Norilsk Nickel has approved Denis Morozov as a new general director of the world's largest nickel producer, the company said Friday." - article here
News Bite - AFX News - " "It's the end of a long emotional week. Volumes (traded) this morning are a lot lower than they have been of late," notes RBC Capital Markets analyst, Alex Heath. He explained that with a high level of investors in the market, fuelling prices to high premiums, "a technical correction is healthy."
Indications at 7:50 am CST show nickel trading down by $21./lb . Would we sound like a broken record, if we mentioned nickel broke another record today, when it got as high as $22.00/lb? 8 for 12. That is how many days this month we have hit a new record high on nickel. That is also .666%. If you are of a deeply religious nature, of the Christian faith, that may make you want to head for the cellar. This could also make a few investors think about taking some profit before the weekend. And then again, maybe it won't. We will have to wait and see. (more) (more)
TD Bank Financial Group - Weekly Commodity Price Report - pdf here
Interfax News Bite - China produces 74.25 mln tons of crude steel in Jan and Feb, up 23.1 %
Nickel Heads for Biggest Gain in 2 Years on Deficit Speculation - "Nickel rose to a record, heading for the largest weekly gain in more than two years, as investment funds bought the stainless-steel ingredient on speculation shrinking stockpiles will create a supply shortfall." - article here
Dow Jones News Bite - LME nickel poised for consolidation short-term after hitting another record high overnight, technicals now suggest metal's overbought, says Standard Bank.
China to slash tax rebates on more export products - "China has expanded the list of exports for which it will reduce or remove tax rebates to include some base metal and natural resource products, coal, cement, textiles and high-tech products, a government source told Reuters on Thursday." - article here
China's Jinchuan ups local nickel prices by $1,292/mt on Mar 16 - "China's largest nickel producer Jinchuan has raised its domestic prices for electrolytic nickel by Yuan 10,000 ($1,292)/mt, effective March 16, 2007, the company said Friday. " - article here
Base metal prices shine on weak dollar - "Tight supply and bargain hunting by investors have boosted base metals which are attracting fresh investments after last week’s fall Ninety day copper forwards rose to a three-month high, up 3% to $6,440 per tonne, as inventories fell 1,625 tonnes to 1,96,125 tonnes." - article here
News Bite - Glencore revenues increased to $ 116.6 billion in 2006, from $91 billion in 2005.
Metals correction may continue - "ECONOMISTS say it's too soon to pencil in a sustained metal market recovery despite improvements in commodity prices. "The market will remain extremely volatile for the foreseeable future," said Nico Kelder, an economist at The Efficient Group." - article here
Figures verify resources boom - "Australian miners made hay while the sun shone on the resources sector in the last three months of 2006, with nearly two-thirds of the nation's major mineral and energy commodities posting record production increases for the period." - article here
Sidenor to raise prices by €40/ton in Q2 - "Spanish Sidenor, producer of special steels (including high alloy steels and stainless steels) and Heavy Forging and Casting Pieces is planning to increases prices by €40/ton for second quarter this year." - more here
CVRD: Chinese steel production could reach 470Mt in 2007 - "Steel production in China could reach 470Mt this year, Brazilian mining and metals group CVRD (NYSE: RIO) CFO Fábio Barbosa told analysts and investors in a presentation Thursday." - article here
Today's beginning nickel inventory - minus 30 tons = 3,564 tonnes (32.15% cancelled warrants)
estainlesssteel.com
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