Thursday, January 3 http://www.estainlesssteel.com/stainless-steel-news.shtml
Afternoon Nickel/Stainless Roundup
Official LME nickel closing prices - cash -
$12.75/lb 3 month buyer - $12.86/lb (7.3%
higher than 12/31/07) (chart)
Baltic Dry Index - minus 135 to 8,756. (chart)
LME nickel inventories - minus 36 tonnes from
Rotterdam, Netherlands warehouse, minus 6
tonnes
from Singapore warehouse
On a day like this, those who buy or use nickel
or stainless steel turn to music like this
(here). Did we mention stainless steel
producers
have been looking for some stability in the
market ? It didn't happen last year, and this
year isn't starting out any different. When we
posted our morning update this morning, nickel
was up about $900/tonne. It went higher in
afternoon trading. It went much higher in late
afternoon trading. Inflationary hedge? Upcoming
index fund realignment? New fund allocation?
Whatever the reason, the forgotten step-child
of
the base metals market apparently got invited
to
the table. And while all metals traded on the
LME were up today, nothing was up quite like
nickel. Anyone who had been selling nickel
short
lately is probably very nervous these days. Two
weeks ago we were talking about testing support
levels. Now we are testing resistance levels.
Day two saw nickel trading close at $13.11/lb
($28,900/tonne). We are using $11.91/lb as the
ending price for 2007 trading on 3 month
nickel.
With that in mind, nickel is up 9.2% in its
first two days of 2008 trading.
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