nickel inventories; current market

  1. 708 Posts.
    Tom, your thoughts? (if this has not been posted before).

    Scrap Magazine is quoting Macquarie Research as adjusting its prediction for 2005. It now believes that the nickel market will be in the deficit again this year. Their estimates now put the worldwide deficit at 27M tons compared to 28 tons in 2004 and a 2005 average price of $7.00/lb compared to an average price of $6.28/lb in 2004. Goldman Sachs JB Were predicts nickel will average $6.50/lb this year, while others average annual price estimates are lower.

    Yieh is reporting China continues to look for reliable nickel sources to feed its ongoing stainless steel needs. After announcing late last year it would invest heavily in helping Cuba increase its production, a group of Chinese buyers have now announced plans to purchase a Philippine nickel factory.

    LME inventories of nickel continue to fall, dropping another 606 tons to total 11,286 tons.

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