This page is archived news covering the period from February 1, 2006 to February 28, 2006.
If you are looking for current daily market news, please visit this page.

Daily Nickel Market Prices

February 2006

(Nickel prices are followed here daily as they are responsible for up to 60% of the cost of stainless steel)
(Molybdenum prices are for molybdenum oxide, a major price factor in 316 stainless)

(all ton listings are metric tons = 2204.6 pounds - what we use to determine closing - see bottom of page)


2-28

LME nickel closes at $6.78/lb.
*    LME nickel inventory -  plus 174 tons = 34,788 tons

2-27

LME nickel closes at $6.80/lb.
*    LME nickel inventory - minus 198 tons = 34,614 tons

2-24

Nickel investors wont give up - LME nickel closes at $6.84/lb.
*    Stainless scrap prices up 13% this month.
*    LME nickel inventory - minus 396 tons = 34,812 tons

2-23

LME nickel closes at $6.76/lb.
*    LME nickel inventory - plus 42 tons = 35,208 tons

2-22

LME nickel ends the day at $6.82/lb.
*    LME nickel inventory - plus 84 tons = 35,166 tons

2-21

LME nickel closes at $6.88/lb.
*    LME nickel average price 2005 - $6.70/lb. Fourth quarter of 2005 - $5.73/lb. Average price January 2006 - $6.60/lb.
*    Inco extends deadline to buy Falconbridge for 3rd time - now June 30th.
*    LME nickel inventory - no change = 35,082 tons.

2-20

LME nickel closes at $6.85/lb.
*    US markets closed today
*    LME nickel inventory - minus 606 tons = 35,082 tons

2-17

LME nickel closes at $6.83/lb.
*    LME nickel stock - minus 84 tons = 35,604 tons.

2-16

LME nickel closes at $6.68/lb.
*    LME nickel - minus 90 tons = 35688 tons.

2-15

LME nickel closes at $6.76/lb.
*    Forecast of $5/lb for nickel here
*    LME nickel - minus 408 tons = 35,778 tons

2-14



LME nickel ends the day at $6.95/lb.
*    LME nickel - minus 420 tons = 36,186 tons

2-13

Nickel ended the day on the London Metal Exchange at $6.82/lb.
*    Price declines forecast? Read here or another different view here
*    LME nickel - minus 156 tons = 36,606 tons.

2-10

LME nickel ends the day at $6.73/lb. Like the child that had been left out of the recent market gain's, nickel got to make a showing yesterday, before getting caught up in a market wide sell off and profit taking.
*   Quote - Reuters.com Investment News Base metals fall sharply, routed by fund sales Feb 10, 2006 by Martin Hayes "In nearly all cases, metals have run ahead of levels justified by fundamentals, due to the sheer weight of investment fund money. At some stage the fundamentals will become influential again, but while the funds are willing and able to buy commodities, you have to accept that their patronage is the most influential aspect in the market and will remain so until something knocks them from their current thinking," William Adams of BaseMetals.com said."
*  LME nickel - minus 210 tons = 36,762 tons.

2-9

LME nickel ends the day at $7.16/lb - highest close since 6/2005???
*    LME nickel - minus 66 tons = 36,972 tons.

2-8

LME nickel ended the day at $6.81/lb.
*    # 3 Falconbridge announces net income rose to $280 million  in fourth quarter 2005 from $143 million a year earlier. Sales increased 16% to $2.17 billion during the same period. Falconbridge is currently being purchased by #2 Inco, and the sale, pending approval, could be closed as soon as Feb 28th.
*    LME nickel - plus 234 tons = 37,038 tons

2-7

LME nickel ended the day at $6.81/lb.
*    LME nickel - minus 18 tons = 36,804 tons.

2-6

LME nickel ended the day at $6.86/lb.
*    LME nickel - minus 396 tons = 36,882 tons

2-3

LME nickel ended the day at $6.89/lb.
*    LME nickel - plus 66 tons = 37,218 tons.

2-2

LME nickel closed at $6.89/lb.
*    LME nickel - plus 132 tons = 37,152 tons. Ended yesterday at $6.93/lb.



Nickel (average annual price) Molybdenum (average annual price)
2001 $2.70/lb $2.36/lb
2002 $3.07/lb $3.59/lb
2003 $4.37/lb $5.21/lb
2004 $6.28/lb $18.00/lb (approx)


Closing price - you may notice different sites giving different "closing" costs. We use the price LME uses, which Joanna James at the Global FX Desk graciously explained, is the settlement price for 3 months nickel after the 2nd ring close offer. LME shows on their site the closing price taken after the last kerb.

Every effort is made to provide factual information in a timely manner as a convenience to the reader. Any opinion given on this web site is just that - a mere opinion, and the author is not responsible for any action taken based off that opinion. Multiple sources are used for obtaining this info and there is no guarantee of its accuracy. Any reproduction without written permission from the author is prohibited.

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