Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $7.30/lb   ($16,100/tonne). Indicators at 5:45 am CST today show nickel trading around $.17/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose on Tuesday and started today's session just under the 105,200 tonne level. Shanghai nickel jumped to 131,840 y/t overnight. Nickel jumped yesterday, but nothing like this morning, and the degree of the spike without any fundamentals to back it, makes us think this is merely a bear trap springing, with the shorts scrambling to cover. A softer U.S. Dollar may have been the trigger, and how long it lasts may depend on how much traders can make the shorts bleed. As we stated last week, August has seen its rallies based on little in the fundamental department, so we will have to wait and see if there is any staying power to this little rally. In the mean time we say adieu to July 2024. This month of market coverage, and the year, has been made possible by P.A. Inc. We thank them for their continued sponsorship and thank you for your visit. Stay safe out there, and have a great hump day!
  
• Average price of LME traded cash nickel so far this month - $7.44/lb
  

    Tuesday's market review - Aluminium hits 5-month low, copper down on risk-off sentiment - Aluminium prices hit the lowest in almost five months and copper fell in London on Tuesday, as concerns about demand... - more

    Explainer-Why Chinese stainless steel giant Jiangsu Delong faces bankruptcy reorganization - A Chinese court is considering whether to proceed with bankruptcy reorganization for Jiangsu Delong Nickel Industry, ... - more

    Singapore nickel scandal liquidators seek to recoup $855m: report - The liquidators of alleged nickel fraudster Ng Yu Zhi’s three companies are seeking a court order to recover about $855 million (US$637 million) ... - more

    Nickel boss says Indonesia trying to distance itself from China - Indonesia may restrict more Chinese investment in its nickel sector, according to one of the biggest producers of the battery and stainless-steel ... - more

• Analysis: Govt expands Simbara system to tackle illegal nickel, tin practices - more

    Merafe’s ferrochrome output 17% down on smelter hold-back in unfavorable market - Ferrochrome production attributable to the Johannesburg Stock Exchange-listed Merafe Resources from the Glencore ... - more

    Why Stainless Steel is the Top Choice for Industrial Equipment? Here's Why - In the industrial world, the selection of materials for equipment and machinery is very important. Operational success and efficiency ... - more

   Other News

• US Consumer Confidence Still Mixed in July - more
• Who Funds the U.S. Presidential Campaigns? - more
• Russia vs Ukraine: the biggest war of the fake news era - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $7.21/lb ($15,900/tonne). Indicators at 5:50 am CST today show nickel trading around $.02/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose on Monday and started today reading just under the 105,100 tonne level. Shanghai nickel slipped to 126,650 y/t overnight. Nickel remains stalled below the $16,000 tonne level. Regardless of what some in the media would have us believe, worldwide EV sales continue to see year on year sales growth, although the rate of growth is not at the rate some had forecast. Stainless steel production was recently reported as seeing a 5% growth YOY so far this year. The demand for nickel remains positive, but we continue to see the trading price slump. That leaves a surge in supply, and those numbers point to Indonesia. When we started this news site, Indonesia was a nickel producer, but it was a non factor, with PT Inco Indonesia the biggest producer, if not the sole producer. China had yet to perfect the procedure to make low content laterite ore a viable supply. Now, the country is producing so much nickel, other large suppliers are becoming less relevant. It's never a good idea to put one's eggs in a single basket, but from the outside looking in, the transformation has been pretty amazing. Stay safe out there and have a great day!
  
• Average price of LME traded cash nickel so far this month - $7.46/lb
  

    Monday's market review - Aluminium at 4-month low on short positions buildup, high inventory - Aluminium prices slid on Monday to their lowest in over four months with short positions buildup on high inventories... - more

   Stainless Steel (Flat) Price Trend and Forecast - In Q2 2024, the North American Stainless Steel (Flat) market has experienced a context of stable prices. The stability can be attributed to a confluence of factors, ... - more

    China's stainless steel imports & exports increase in H1 y-o-y - According to Chinese customs data, China's total stainless steel imports in the first half of this year were nearly 1.11 million tons, an increase of .... - more

    Xiamen Xiangyu says state-owned parent to shield it from Jiangsu Delong difficulties - Commodities firm Xiamen Xiangyu Co said on Monday its state-owned parent plans to acquire its claims against Jiangsu ... - more

• China Court Weighs Restructure Bid From Jiangsu Delong Creditor - more

• Downstreaming propels nickel export value tenfold: Minister - more

• New Caledonia’s curfew hours changed again in the wake of Paris meeting - more
• New Cal's pro and loyalist parties look to resume talks - more

   Russia's Nornickel sticks to production outlook despite furnace repairs - Russia's Nornickel, the world's largest producer of palladium and a major producer of refined nickel, reported on Monday a 1% drop in ... - more

   Courtesy AISI - In the week ending on July 27, 2024, domestic raw steel production was 1,729,000 net tons while the capability utilization rate was 77.9 percent. Production was 1,689,000 net tons in the week ending July 27, 2023 while the capability utilization then was 74.3 percent. - more

   Other News

• China Lets Philippine Convoy Reach Second Thomas Shoal Without Conflict - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $7.18/lb  ($15,835/tonne). Indicators at 5:40 am CST today show nickel trading around $.02/lb higher. Stockpiles of nickel stored in LME licensed warehouses went unchanged last Friday and starts the week reading just under the 104,400 tonne level. Shanghai nickel ticked higher to 127,260 y/t overnight. Although it dropped lower once last week, the bulls appear to be using $15,730 as their line in the sand - at least for the last few days. With only three days left in the month, we would expect not much to change in the trading price. That being said, we have seen a major rally begin entering the month of August in the past, based on little more than a wing and a prayer, so be wary. Stay safe out there and have a great week!
  
• Average price of LME traded cash nickel so far this month - $7.47/lb
  

    Friday's market review - Copper set for third weekly decline on Chinese demand woes - Copper prices were on track for a third consecutive weekly decline on Friday on concerns that a return of physical buying ... - more

   New Caledonia nickel firm KNS starts layoff procedure - New Caledonian nickel producer Koniambo Nickel SAS (KNS) has launched a redundancy plan for its 1,200 workers after co-owner Glencore failed to ... - more

   NPI and refined nickel show mixed performance. Will the discount narrow again? - During the week, the SMM 8-12% NPI weekly average price was 987.1 yuan/mtu (ex-factory, tax included), up 14.3 yuan/mtu from ... - more

   How China Took Over Indonesia’s Nickel Industry To Fuel Its EVs - Indonesia has become the world’s leading producer of nickel, supplying over 40% of global demand crucial for electric vehicle batteries. - video here

• How the EV boom led Chinese companies to take over Indonesia’s nickel industry - more
• Indonesia pushes for Chinese stake decrease in nickel projects - more

   Other News

• FedEx to cut daytime domestic flight activity by 60% - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $7.19/lb ($15,850/tonne). Indicators at 6:10 am CST today show nickel trading around $.01/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose on Thursday and started today just under the 104,400 tonne level. Shanghai nickel ticked higher to 126,700 y/t overnight. LME nickel traders are quiet this morning, with the trading price of nickel drifting. The World Olympics begin in Paris today, so best of luck to the athletes participating. Stay safe out there and have a great weekend!
  
• Average price of LME traded cash nickel so far this month - $7.49/lb
  

    Thursday's market review - Copper falls below $9,000 level prompting Chinese buying - Copper prices dipped below $9,000 per metric ton on Thursday for the first time since April on funds selling. - more

    Negative trends in steel market continue to deepen, weakening recovery in 2024 and 2025 - Major indicators in the European steel market show a steeper-than-expected downward trend, further impacting the ... - more

   Chinese firms seek to cut stakes in new Indonesian nickel smelters - Chinese companies are in talks with potential investors to reduce their stakes in Indonesian nickel smelters amid efforts to make their products... - more

   Eramet lifts profit outlook on manganese rally, says nickel market tough - Eramet  raised its outlook for full-year core earnings on Thursday due to a jump in manganese prices, though the French miner ... - more

   Other News

• Legal challenges ahead for truck speed, hours-of-service rules? - more
• How freight fraud became the perfect crime - more
• GDP per capita in the five largest European economies - more
• France’s train network hit by arson attacks hours before Olympic ceremony - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $7.19/lb ($15,850/tonne). Indicators at 5:40 am CST today show nickel trading around  $.01/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose on Wednesday and totalled just over the 104,200 tonne level by days end. Shanghai nickel fell to 124,550 y/t overnight. LME nickel fell to near the $15,600 level this morning, and has rebounded since. Stay safe out there and have a great Thursday!
  
• Average price of LME traded cash nickel so far this month - $7.52/lb
  

    Wednesday's market review - Copper around 3-1/2-month low on demand concerns, risk-off sentiment -  Copper prices slipped again on Wednesday, and were hovering around a three-and-a-half month low hit... - more

   Stainless Steel Market Summary In China|| Europe Imported More Stainless Steel from China in the Past Two Months (Jul 15-19) - Are you ready for the Games? We hope this summer event can relieve the whole ... - more

   The Ultimate Guide to Nickel - With the global energy transition looming large, many have been setting their sights on materials critical to the energy transition, such as copper, lithium, or uranium. - more

   Canada's TMC to apply for deep sea mining license this year, chief exec says - Canada's The Metals Company plans to apply for a license to extract minerals from the ocean floor before the end of this year, ... - more

   Cliffs expects to see a rebound in the US steel price: CEO - End-user demand for flat-rolled steel products in North America has remained "pretty healthy" despite more limited buying seen from service centers... - more

   Other News

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $7.30/lb ($16,100/tonne). Indicators at 5:45 am CST today show nickel trading around $.06/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose sharply on Tuesday and ended that day just under the 103,700 tonne level. Shanghai nickel rose to 128,530 y/t overnight. Nickel slipped below the $16,000 tonne level this morning, but is fighting to peek its head back above water at the moment. For some reason, Google News and Search has been flooded recently with old news stories by Yahoo News. While we catch this before we link to them, we were notified by a few readers, we let one through yesterday, The Philippines story we linked to yesterday was from 2018 and we apologize for any confusion. Things remain dicey in New Caledonia, with riots continuing. More news below, so we leave you with it. Stay safe out there and have a great hump day!
  
• Average price of LME traded cash nickel so far this month - $7.55/lb
  

    Tuesday's market review - Copper hits multi-month low on growing Chinese demand fears - Copper prices extended their fall to a seventh consecutive session on Tuesday to hit their lowest in three and a half ... - more

    European stainless flats market slows - Transaction prices for European stainless flat steel have remained unchanged on-month. However, deal values may decline as mills recently reduced their offer prices for ... - more

    India Waives Customs Duty on Critical Minerals: Lithium, Copper, Nickel, Graphite - India announces zero customs duty on 25 critical minerals including lithium, copper, nickel, and reduced import tariff on ... - more

• Indian steel industry in talks with government on trade measures to check imports - more

• Nornickel in talks to build China nickel plant for battery sector, sources say - more

     June 2024 crude steel production - World crude steel production for the 71 countries reporting to the World Steel Association (worldsteel) was 161.4 million tonnes (Mt) in June 2024, a 0.5% increase compared .. - more

    In search of the elusive green nickel premium - BHP Group's, opens new tab ambition to create a green nickel hub in Western Australia is on hold after the world's largest listed miner announced the entire ... - more

    Philippine Laterite Nickel Ore Exports in Q2 2024: Dominated by the Chinese Market? - In Q2 2024, the Philippine laterite nickel ore export market exhibited significant changes and trends, worthy of in-depth ... - more

    LGES in talks with Chinese material firms to make low-cost EV batteries for Europe - South Korea's LG Energy Solution (LGES) is in talks with about three Chinese suppliers to produce low-cost electric vehicle ... - more

    Air New Zealand extends suspension of Auckland-Nouméa flights - New Zealand's national carrier has advised passengers who had travel plans to and from Nouméa to put them on hold until mid-December ... - more

• New Caledonia: Shock and disbelief as more Catholic churches burn down - more

   Other News

• U.S. Image Deteriorates in Parts of Asia - more
• Fitch confirmed Metinvest's speculative credit rating - more
• Sound Supply Chain Decisions Boost Bottom Lines - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $7.35/lb ($16,200/tonne). Indicators at 5:35 am CST today show nickel trading around $.05/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose on Monday and started today's session just over the 102,950 tonne level. Shanghai nickel fell to 127,980 y/t overnight. Nickel continues to slide, with the $16,000/tonne level in sight. Stay safe out there and have a great Tuesday!
  
• Average price of LME traded cash nickel so far this month - $7.57/lb
  

    Monday's market review - Copper drops to more-than-three-month low on demand concerns - Copper prices fell to their lowest in more than three months on Monday, hurt by demand worries amid a lack of ... - more

    In May, Indonesian stainless steel exports increased by approximately 0.92% MoM, with exports to developed countries rising - In May 2024, Indonesia exported about 157,800 mt of stainless steel to China... - more

   China, South Africa still driving chrome supply globally - In unpacking production and export figures for chrome and ferrochrome in 2023 and the first quarter of this year, the International Chromium Development ... - more

   After crackdown, Philippines plans fresh mining curbs - The Philippines is planning to limit the amount of land that miners can develop at any one time to boost environmental rehabilitation, a move that miners say... - more

   Western miners push for higher metals prices to ward off Chinese rivals - The only U.S. cobalt mine sits fallow in the northern Idaho woods, a mothballed hunk of steel and dirt that is too expensive for its owner... - more

   China's rate cuts fail to revive iron ore and copper: Russell  - China's first cut to major short- and long-term interest rates in 11 months drew a distinctly ho-hum reaction from the commodities that usually would be ... - more

   India to seek licences to scout Pacific Ocean for critical minerals - India will apply for licences to explore for deep-sea minerals in the Pacific Ocean as it competes to secure supplies of minerals critical for energy... - more

   Courtesy AISI - In the week ending on July 20, 2024, domestic raw steel production was 1,739,000 net tons while the capability utilization rate was 78.3 percent. Production was 1,689,000 net tons in the week ending July 20, 2023 while the capability utilization then was 74.3 percent. - more

   Other News

• Google Confirms Bad News For 3 Billion Chrome Users - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $7.38/lb ($16,275/tonne). Indicators at 5:50 am CST today show nickel trading around $.01/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose on Friday and started this week just over the 102,700 tonne level. Shanghai nickel fell to 128,610 y/t overnight. It's hard to imagine nickel falling much farther, but back in February nickel fell into the upper mid $15,000 tonne range before finding a bottom, so there is still room for the bears to hunt. Not a whole lot of real positive economic news out there. Russia's invasion of Ukraine drags on, keeping geopolitical tensions high. China cut interest rates last week after their second quarter economic numbers came out worse than hoped for. The US is an election year, with mixed signals about the future being sent to the rest of the world. And that is just three countries. For nickel and stainless steel, besides the potential economic woes overshadowing the future, we are in the typical slow season for stainless steel, specifically in Europe with summer vacations. The EV industry is seeing its own slowdown, which means nickel's newest customer is cutting back on demand for batteries. With that in mind, we start the last "full" week of July. Stay safe out there and have a great week!
  
• Average price of LME traded cash nickel so far this month - $7.60/lb
  

    Friday's market review - Copper extends downturn to three-month low on China gloom - Copper prices fell for a fifth session on Friday to the lowest level in three months on disquiet about a weak Chinese economy ... - more

    India's stainless steel to grow steadily at 8-10% on infrastructure drive - According to foreign news reports, Jindal Stainless Ltd, India's largest stainless steel producer, expects that Indian stainless steel will grow ... - more

    First in Ferrochrome Plants in India, Tata Steel Conducts Successful Trial of Biomass Usage -  Tata Steel, has successfully conducted the trial of biomass usage in ferrochrome making at its Ferrochrome Plant in ... - more

    Italian first-half crude steel output declines - Italian crude steel production experienced another decline in June, dropping by 3% compared to the previous year to reach 1.8 million tonnes, according to Federacciai. - more

   Summer brings focus on steel trade - As Congress nears August recess, elected officials want to show support for domestic steel industry - more

   South32 tumbles after $818 million alumina, nickel writedown - South32 Ltd. shares fell sharply on Monday after the Australian miner reported $818 million of impairment charges. - more

   UK and French elections shake-up steel demand outlook - Election results in France and the United Kingdom resulted in differing steel demand expectations among MEPS's research respondents during July. - more

   MSG, France's handling of decolonisation in NC illegitimate - The Melanesian Spearhead Group has condemned France's handling of the U.N-mandated decolonization of New Caledonia calling it "illegitimate". - audio here

   Other News

• Sudbury's Big Nickel turns 60 - more
• Bangladesh to impose curfew, deploy army as protests widen, communications disrupted - more
• China's banking turmoil: 40 banks vanish as crisis deepens - more
• Joe Biden drops out of 2024 race amid growing pressure from top Democrats - more
• China to allow delayed retirement to combat population woes - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $7.46/lb ($16,445/tonne). Indicators at 6:00 am CST today show nickel trading around $.07/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose sharply on Thursday and started the final treading day of this week just under the 102,550 tonne level. Shanghai nickel fell to 130,170 y/t overnight. LME nickel continues its downward slide, pushing aside daily support levels as it heads for .....? While traders traded contrary to a stronger Euro earlier in the week, a weaker Euro today is adding fuel to the bearish fire. Russia's Nornickel is looking for another way to get China to take more of their nickel by building a plant together. Stay safe out there and have a relaxing, or exciting, weekend!
  
• Average price of LME traded cash nickel so far this month - $7.62/lb
  

    Thursday's market review - Copper falls on lack of impetus from China and switch to gold - Copper prices neared three-week lows on Thursday without new stimulus from a key political meeting in China and ... - more

   Rise in Q3 Asian nickel prices likely to be capped on supply surplus  - Asian nickel prices are likely to see limited upside in the third quarter on weak market fundamentals due to thin downstream demand for ... - more

   China's commodity import trend driven by prices, not economy: Russell - China's imports of major commodities are often viewed through the prism of the performance of, and outlook for, the world's ... - more

   Indonesia to launch nickel, tin online tracking next week - Indonesia will launch an online tracking system next week for nickel and tin shipments to increase government revenue and improve mining governance... - more

• Indonesia and its EV ambitions - more
  

   Exclusive: Nornickel in talks to build China nickel plant for battery sector, sources say - Russia's Nornickel is in talks with several Chinese battery companies to build a plant jointly producing nickel material from ... - more

   Nations gather to negotiate deep sea mining code as opposition mounts - The United Nations' International Seabed Authority (ISA) will meet on Monday to consider new rules allowing firms to extract minerals from ... - more

   Other News

• U.S. Battery Recycling Capacity To Triple In The Next Few Years - more
• Trucking Industry Gets Boost as Peak Shipping Season Arrives a Month Early - more
• Countries With The Highest External Debt (1970 to current) - video here
• Global cyber outage grounds flights, hits banks, telecoms, media - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $7.50/lb ($16,525/tonne). Indicators at 5:40 am CST today show nickel trading  unchanged. Stockpiles of nickel stored in LME licensed warehouses rose on Wednesday and started today just over the 101,800 tonne level. Shanghai nickel ticked down to 130,740 y/t overnight. Nickel continued to fall yesterday, surrendering the $16,700 level early in the day. This morning, the market is quiet, with the $16.500 tonne level offering some support. Industry news is quiet as well. Stay safe out there and have a great day!
  
• Average price of LME traded cash nickel so far this month - $7.64/lb
  

    Wednesday's market review - Copper firms slightly as dollar slump counters China demand fears - Copper prices edged higher on Wednesday as a slide in the dollar countered worries about weak demand in... more

    China stainless steel mogul fights to avoid a second collapse - Chinese metal tycoon Dai Guofang’s first steel empire was brought down by a government campaign to rein in market exuberance, tax evasion ... - more

    Chrome demand suddenly a big story - 'South Africa has about 70% of world chrome reserves. With our neighbour Zimbabwe, we’ve got another big chunk,’ points out Integral Asset Management’s Bruce Williamson. - more

   Other News

• Biden faces rising pressure to quit, Trump to accept nomination - more
• China says it has halted arms-control talks with US over Taiwan - more
• Women's underwear from SHEIN contains cancer-causing substances 3 times above permitted levels - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $7.57/lb  ($16,680/tonne). Indicators at 5:40 am CST today show nickel trading around $.01/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose sharply yesterday, and started today just under the 101,600 tonne level. Shanghai nickel slipped to 131,810 y/t overnight. LME nickel stockpiles have not recorded above the 100,000 tonne level since early January 2022. With nickel stockpiles continuing to grow, while nickel mines continue to close, we are witnessing the affects of waning global demand, offset by the explosive growth in Indonesia nickel processing. While stainless steel production remains positive around much of the world, sales of EV's are faltering, which is putting negative pressure on EV battery producers. What does the future hold? Stay tuned. Stay safe out there and have a great hump day!
  
• Average price of LME traded cash nickel so far this month - $7.66/lb
  

    Tuesday's market review - Aluminium hits three-month low on heavy supply, copper slips - Aluminium prices dropped to the lowest in over three months on Tuesday on worries about oversupply, while copper ... - more

    Stainless steel futures become strong on Jul 15 - On July 15, stainless steel futures on the Shanghai Futures Exchange closed at CNY13,925/ton, an increase of CNY50/ton. Meanwhile, the spot market remained ... - more

    BHP joins the lengthening list of nickel price casualties -  Indonesia's nickel production surge is crushing competitors and challenging the West's ambitions of diversifying its critical metals supply chains. - more

    Infographic: La Nina's looming impact on global commodity markets - The likely return of the La Nina climate phenomenon, and the associated shift in global weather patterns and temperature extremes, ... - more

    EU faces green dilemma in Indonesian nickel  - Nickel is essential for the global transition to green energy, but mining often comes with environmental challenges, las was recently demonstrated in the case ... - more

   Other News

• Three reasons why iron ore price increases are unlikely - more
• Bird flu found in Oklahoma dairy herd, showing bigger US outbreak - more
• What Was Up with Grocery Prices? - more
• Chinese-owned solar factories in the United States - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $7.63/lb ($16,820/tonne). Indicators at 5:45 am CST today show nickel trading around $.05/lb  lower. Stockpiles of nickel stored in LME licensed warehouses rose on Monday and now register just under the 99,600 tonne level. Shanghai nickel slipped to 133,980 y/t overnight. Nickel tested the $16,700/tonne level twice yesterday, but each time it bounced. It has tested the same level twice already this morning, and so far it is holding. Stay safe out there and have a great Tuesday!
• Average price of LME traded cash nickel so far this month - $7.68/lb
  

    Monday's market review - China data and inventories weigh on copper - Copper prices eased on Monday as weak demand prospects in top consumer China were emphasised by slow economic growth, ... - more

    U.S. approaches Indonesia to join Mineral Security Partnership - The U.S. has approached Indonesia about joining a multinational partnership to boost the Southeast Asian nation's environmental standards ... - more

    Global molybdenum production and use falls in 2024 - IMOA shows that the global production of molybdenum fell by 3% to 157.1 million pounds (mlbs) in Q1 2024 compared to the previous quarter..... - more

    Nornickel to restart furnace at Nadezhda Smelter in early August - The move comes after the completion of major repairs, which were delayed due to Western sanctions. - more

    China's steel output remains strong; downstream outlook still dim  - China's steel production remained on an uptrend in June and was still not showing any signs of slowing down as of mid-July, data from the ... - more

    Stainless steel industry develops leaders of the future with WMG, University of Warwick - A cohort approach to solving succession challenges in the stainless-steel industry is underway at the British ... - more

    Courtesy AISI - In the week ending on July 13, 2024, domestic raw steel production was 1,735,000 net tons while the capability utilization rate was 78.1 percent. Production was 1,689,000 net tons in the week ending July 13, 2023 while the capability utilization then was 74.3 percent. - more

    Indonesia’s massive metals build-out is felling the forest for batteries - On a steep trek up to his forest farm on the Indonesian island of Halmahera, Librek Loha let out a cry of dismay. “Aduuuuh,” he said, ... - more

• Nickel hub 'apocalyptic' for uncontacted Indonesia tribe, say NGOs - more

   Other News

• U.S. Wholesale Inflation Picked Up in June - more
• Cleveland-Cliffs Announces the Acquisition of Stelco - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $7.67/lb ($16,900/tonne). Indicators at 5:40 am CST today show nickel trading around $.07/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose on Friday and started this week just over the 99,100 tonne level. Unless we see a dramatic slowdown in increasing stockpiles, we will see the 100,000 tonne level broke before the end of the month. Shanghai nickel fell overnight to 134,330 y/t. World Stainless reported stainless steel production rose 5.5% in the first quarter of 2024, with the United States actually growing faster than China during the period. Asia markets other than China and South Korea lead the list in growth. Today is the half way point in the month that is the unofficial halfway point in the summer vacation season. Stay safe out there and have a great week.
  
• Average price of LME traded cash nickel so far this month - $7.70/lb
  

    Friday's market review - Softer China demand outlook sets copper on track for a weekly loss - Copper prices edged up on Friday but were on track for a weekly decline under pressure from a softer demand ... - more

    Global stainless steel production increased by 5.5% - the USA became the growth leader - Global stainless steel production increased 5.5% year-on-year to 14.6 million tonnes in the first quarter of 2024. - more

• In 2024 Q1 Stainless Steel Melt Shop Production increases by 5.5% to 14.6 million metric tons y-o-y - more

   China's steel exports down in June from May, up 24 percent in H1 - In June this year, China's finished steel exports amounted to 8.7545 million mt, down 9.2 percent month on month and up 16.4 percent year on... - more

   Indonesian onslaught wipes out Australia’s nickel industry - An influx of cheap nickel supply from Indonesia has all but killed off Western Australia’s long-running nickel sector. - more

   More armoured vehicles shipped to New Caledonia - More police equipment has been sent to the troubled New Caledonian capital this week where another death has occurred amid ongoing unrest in the French ... - more

   Nations Gather to Negotiate Deep Sea Mining Code as Opposition Mounts - The United Nations' International Seabed Authority (ISA) will meet on Monday to consider new rules allowing firms to extract minerals ... - more

   Other News

• Famous stock market indicator flashes red; What’s next for economy? - more
• What Republicans won't say and Democrats don't like to discuss about US inflation - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Thursday's trading session at $7.64/lb ($16,850/tonne). Indicators at 6:10 am CST today show nickel trading around $.01/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose on Thursday and started today just over the 98,500 tonne level. Shanghai nickel rose to 135,010 y/t overnight. Nickel ended quietly yesterday, down only $.01/lb from Wednesday's close, ans so far this morning, it's only up that $.01/lb. Considering the rise in the Euro the last few days, it is surprising the bulls have not built up some positive momentum. If they have, they are apparently saving it. Stay safe out there and have an enjoyable and relaxing weekend!
  
• Average price of LME traded cash nickel so far this month - $7.72/lb
  

    Thursday's market review - Copper slips as rising stocks highlight poor demand prospects - Copper prices slipped on Thursday as poor demand prospects particularly in top consumer China and an oversupplied .... - more

   Nickel Prices Poised for Long-Term Rally, Canada Ripe to Benefit - Nickel prices are expected to hold steady around $18,000 per tonne in 2024, according to Fitch Solutions unit BMI, but the story doesn't end there. - more

   Death toll in New Caledonia unrest reaches 10 - Riots in New Caledonia have claimed their 10th victim on Wednesday. - more

   US imposes tariffs on Chinese steel shipped through Mexico - Biden administration imposes 25% tax on foreign-made steel imports routed through Mexico - more

• Biden imposes melted-and-poured requirement on Mexican steel - more

   Other News

• Chinese deep-sea mining vehicle that could put entire South China Sea in reach tested - more
• The Mysterious Slowdown in U.S. Manufacturing Productivity - more
• Oil tanker seized by Iran moving to international waters, tracking data shows - more
• Philippines v. China: The South China Sea Ruling Beijing Calls Invalid - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $7.65/lb ($16,870/tonne). Indicators at 5:35 am CST today show nickel trading around $.04/lb  higher. Stockpiles of nickel stored in LME licensed warehouses rose on Wednesday and started today just under the 98,400 tonne level. Shanghai nickel ticked higher to 133,880 y/t overnight. A stronger Euro is helping nickel this morning, but it has yet to climb back above the $17,000 tonne level. BHP is suspending operations at their Nickel West nickel mine until 2027. How they decided on 2027 is known only to them but apparently they are betting the price of nickel will remain depressed for a very long time. Regardless, there are thousands of nickel miners in Australia that are out of work now. Stay safe out there and have a great Thursday! 
• Average price of LME traded cash nickel so far this month - $7.74/lb
  

    Wednesday's market review - Copper slides to one-week low on China demand concerns, rising stocks - Copper prices hit a one-week low on Wednesday, extending their fall to the third consecutive session... - more

• BHP to close Nickel West mines until 2027, blaming global oversupply of nickel - more

   European HRC prices lack clear direction despite positive producer sentiment - European hot-rolled coil prices lacked any clear direction on Tuesday July 9, despite widespread positive sentiment among flat steel... - more

   Outokumpu appoints Kati ter Horst as CEO - Outokumpu has appointed Kati ter Horst as president and chief executive, with effect from 9 October at the latest. - more

   Bolivia chooses Chinese consortium led by CATL for $1 billion lithium investment - Bolivia selected China’s largest battery producer CATL and largest cobalt miner China Molybdenum to help develop its giant ... - more

   Satellite images show deforestation toll of Indonesia mines - More than 700,000 hectares of forest in Indonesia have been cleared for mining since 2001, including large tracts of primary forest, a new analysis ... - more

   Other News

• US Justice Department says it disrupted Russian social media influence operation - more
• US diaper makers warn EU of shortages under law to save forests - more
• China EV exports fell 13.2% in June amid rising trade tensions - more
• Every day is a test for Joe Biden with his presidential campaign in question - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $7.78/lb ($17,160/tonne). Indicators at 5:30 am CST today show nickel trading around $.03/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose for a 22nd consecutive session on Tuesday and started today just under the 98,100 tonne level. June 10th was the last time LME registered a loss in nickel stockpiles. Shanghai nickel fell to 133,740 y/t overnight. Nickel is closing in on the $17,000 tonne level, which has been the support level so far this summer. Some interesting reading and viewing below so we leave you with it. Be safe out there and have a great hump day!
  
• Average price of LME traded cash nickel so far this month - $7.94/lb
  

    Tuesday's market review - Copper prices rise slightly; markets eye Fed chair’s testimony - Copper prices edged up marginally in London on Tuesday, as market participants exercised caution ahead of ... - more

    U.S. imports/exports of Stainless steel - more // U.S. imports/exports of Nickel - more  

   Nickel Prices to Remain Stable Amid Growing Supply - Nickel prices are projected to be around US$18,000/t in 2024, primarily due to ongoing excess supply from China and Indonesia, according to BMI, ... - more

    KFI imports nickel from the Philippines over domestic supply issues - PT Kalimantan Ferro Industry (KFI) is currently importing nickel from the Philippines to sustain its smelter operations in East Kalimantan ... - more

    The battery metals boom isn’t over yet - We are living, it seems, in the age of battery metals mania. It wasn’t long ago that mobile phone sales had the capacity to send ripples through the battery metals industry. - more

    China conducted test mining of polymetals from the seabed at a depth of four kilometers - China's heavy-duty deep-sea mining vehicle has completed sea trials at a depth of more than 4,000 meters, the ... - more

• China’s third plenum: implications for solar power, copper, steel, oil refining and grains - more
• Forged in Silence – The Untold Stories of Chinese Workers at Indonesia’s Nickel Plants - video here

    Exclusive: Nornickel in talks with China Copper to move smelting plant to China, sources say - Nornickel, opens new tab is in talks with China Copper to form a joint venture that would allow the Russian... - more

   Other News

• Benchmark diesel up 4 straight weeks, at highest price since early May - more
• Global Plug-In Car Sales Hit 1.3 Million In May 2024 - more
• China’s passenger vehicle sales dip YoY in June amid growth in exports - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $7.92/lb ($17,460/tonne). Indicators at 5:35 am CST today show nickel trading around $.08/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose on Monday and ended that session just under the 97,900 tonne level. Shanghai nickel slipped to 137,430 y/t overnight. The $17,450 tonne level appears to be a line of serious resistance, with nickel not only failing to beat that level, but it also snaps back from the level when it reaches it. It may be little more than where the bulls lose confidence and the bears take over, but it is interesting to note. LME Asia Week ended last week and a review is posted below, with some charts for nickel. If this update posts as usual, then our server fixed their problem from yesterday. We apologize for any inconvenience for the late posting, and we left it below in case you missed and want to review. Stay safe out there and have a great Tuesday!
  
• Average price of LME traded cash nickel so far this month - $7.77/lb
  

    Monday's market review - Copper edges down as weak dollar counters sluggish demand in China - Copper prices were steady on Monday as the market balanced a weaker dollar against persisting weak ... - more

   Fitch Foresees Steady Rise in Nickel Prices Beyond 2024 - The nickel prices had witnessed a brief rally earlier during the current year. However, the prices witnessed decline henceforth. - more

   China's stainless steel prices in Jul expected to show volatile trend - In July, China's stainless steel prices were primarily volatile. The country's economic recovery has slowed, with the June manufacturing PMI at ,... - more

• NDRC: Negative outlook for China’s steel market in July despite recent rebound - more
• Key Takeaway From 2024 SMM LME Asia Week: Global Metals And New Energy Market Outlook And Supply Trends - more

   5 New Caledonia pro-independence leaders to remain in mainland France jails - Appeal Court - Five New Caledonia pro-independence leaders will continue to serve a preliminary term in several jails in mainland ... - more

   Courtesy AISI - In the week ending on July 6, 2024, domestic raw steel production was 1,695,000 net tons while the capability utilization rate was 76.3 percent. Production was 1,696,000 net tons in the week ending July 6, 2023 while the capability utilization then was 74.7 percent. - more

   Other News

• Hurricane Beryl shutters Texas coastal shipping lanes - more
• Who Is Granted Asylum in the United States?  - more
• Boeing to Accept 'Sweetheart Deal' Over 737 Max Crashes - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $7.89/lb  ($17,390/tonne). Indicators at 5:50 am CST today show nickel trading around $.01/lb  higher. Stockpiles of nickel stored in LME licensed warehouses rose on Friday and ended the week just under the 97,500 tonne level. Shanghai nickel rose to 138,610 y/t overnight. Nickel bounced off the $17,000 tonne level last week, but hasn't moved much since. Will volatility return this week, or will the vacation season see the market quiet? Stay tuned. Elections in France did not go as Macron hoped so we will have to wait and see what the analysts think about how this will affect that country's attitude toward New Caledonia. Indonesia is still trying to get some of the stimulus money the U.S. is giving nickel miners. The long strike at Acerinox is finally over. And Canada makes it harder for foreign companies to buy their miners, although a little late for its major nickel miners. Elon Musk is trying to woo back advertisers who may have taken offense to his "go f--k yourself" comment to boycotting advertisers last year. X, formerly known as Twitter, now has less daily users than Mark Zuckerberg's "Threads" (Threads 28 to X's 22 million in April 2024). His Tesla company remains the largest producer of electric vehicles in the world, but losing market share rapidly to China's BYD. SpaceX is the brightest jewel in his crown, with Boeing's current challenge potentially giving Musk the lead role in a space rescue mission. He won his $56 billion dollar compensation package, so his concern about any of this is probably limited. Stay safe out there and have a great week! 
• Morning upload delayed due to problem on server's end.    
• Average price of LME traded cash nickel so far this month - $7.77/lb
  

    Friday's market review - Copper hits three week high on interest rate hopes - Copper prices in London hit their highest in more than three weeks on Friday, on course for the first weekly gain in seven weeks... - more

    Acerinox's return will add to stainless price pressure - An end to strike action at Spanish steelmaker Acerinox’s Los Barrios plant is expected to apply downward pressure to European stainless steel prices in ... - more

    Indonesia's Tsingshan raises stainless steel export quotations - China's stainless steel market has been on the rise for nearly two weeks. This week, market participants indicated that local steel mills plan ... - more

    Indonesia gets ‘wake-up call’ to step up sustainability efforts in nickel industry after BASF pull-out - The ‘wake-up call’ comes after foreign investors cancelled a US$2.6 billion nickel-cobalt refining project over ... - more

• Indonesia Says US Must Invest as Critical Minerals Race Picks Up - more
• Eramet, Zhejiang Huayou in talks for nickel partnership in Indonesia - more

   Canada tightens rules on foreign mining takeovers - Canada is making it harder for foreign firms to acquire domestic mining companies by imposing measures that could protect top takeover targets from large... - more

• Canada Puts Its Big Miners Off Limits Just as M&A Is Heating Up - more
  

   Flower farm could supply nickel for electric vehicle batteries - The increasing demand for metals such as nickel for use in batteries has led to the development of new more sustainable methods for extracting ... - more

   Steel production in Ukraine has become unprofitable due to current electricity import regulations - Under the current standards for the import of electricity, the metallurgical industry of Ukraine is becoming ... - more

   Other News

• US judge blocks Biden administration ban on worker noncompete agreements - more
• Elon Musk’s Politics May Be Pushing Some Buyers Away From Tesla - more
• X boss Elon Musk softens 'go f--- yourself' comment as he tries to woo advertisers back - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Wednesday's trading session at $7.89/lb ($17,405/tonne) and Thursday's session at $7.84/lb ($17,280/tonne). Indicators at 6:50 am CST today show nickel trading around $.08/lb higher. Stockpiles of nickel rose both Wednesday and Thursday and started today's session just over the 97,250 tonne level. Shanghai nickel fell on Thursday to 137,590 y/t and rebounded last night, to 138,090 y/t. Nickel is trading this morning just a little higher than where it ended Wednesday. US markets reopen today after their Independence Day holiday, but only for those who did not take an extended weekend. Stay safe out there and have a great weekend!
  
• Average price of LME traded cash nickel so far this month - $7.76/lb
  

    Thursday's market review - Copper prices steady -  Copper prices were steady on Thursday as investors’ balanced optimism over potential US interest rate cuts with concern about high inventories and ... - more

   Nickel's downward trend persists in H2 with potential buffers cushioning fall - BMI - BMI (a unit of Fitch Solutions) is maintaining its nickel price forecast for 2024 at $18,000/tonne, as excess supply continues... - more

    Tin outperforms as broader base metals rally falters: Andy Home -  The London Metal Exchange (LME) Index hit a two-year high in May when funds surged into base metals, chasing a narrative of ... - more

   Nickel, copper: A tale of two metals will determine the future of energy - Nickel and copper have long been recognized as vital components of a decarbonized economy. - more

    Analysis of Ferrochrome Prices in the First Half of 2024 - In 2024, although ferrochrome prices are operating around high-cost levels, the continuous rise in chrome ore consumption has made it difficult to ... - more

• China's stainless steel prices in Jul expected to show volatile trend  - more
• China's stainless steel to fluctuate within narrow range in upcoming week - more

    LME plans to suspend nickel brand of Nornickel’s Finnish plant from Oct 3 - The London Metal Exchange (LME) will suspend the listing of a nickel brand produced by a plant in Finland owned by Russian ... - more

• LME volumes hit 10-year high in second quarter, led by nickel - more

    BHP cuts employee incentives after missing its performance goals, AFR reports - BHP Group has notified tens of thousands of its workers across the globe that it was cutting their incentive pay after the miner ... - more

    Vale picks mining veteran to lead base metals turnaround - Vale has selected veteran mining executive Shaun Usmar to take the helm of its base metals division as the Brazilian metals producer seeks to .... - more

    Steel HRC prices flat in Europe; trading slows further ahead of summer break - European prices for steel hot-rolled coil have stayed broadly flat amid quiet trading, with buyers questioning the likelihood of ... - more

    Jindal Stainless Supplies Steel for 100 Freight Wagons to Mozambique - Jindal Stainless, India’s largest stainless steel manufacturer, recently supplied stainless steel to manufacture 100 ‘Made in India’ freight... - more

    About 50% Of Jobs Will Be Displaced By AI Within 3 Years - The Beijing startup founded by technology pioneer Kai-Fu Lee is introducing its first artificial-intelligence application for consumers, a step aimed ... - more

   Other News

• ‘It's just a nightmare’: More and more USAA members who lost thousands of dollars are sharing stories of fraud - more
• 'Truly concerned’: Pacific Islands Forum on France's handling of New Caledonia crisis - more
• Chinese 'Falcon 9 equivalent' rocket accident 'a rookie mistake' - more
• Belarus to Join So-Called "Anti-NATO" SCO - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Tuesday's trading session at $7.75/lb ($17,080/tonne). Indicators at 5:40 am CST today show nickel trading around $.10/lb  higher this morning. Stockpiles of nickel stored in LME licensed warehouse rose on Tuesday and ended that session just under the 96,000 tonne level. Shanghai nickel ticked slightly lower, to 137,880 y/t overnight. Nickel nose dived after we published yesterday, and bounced off the $17,000 tonne level, which it continues to do this morning. The bulls got beat yesterday, but they have not surrendered yet. Here are your monthly averages for June with a comparison to the prior month. Nickel - $7.94/lb, down from $8.85/lb in May; Chromium - $5.33/lb up from May's $4.83/lb; Molybdenum - $23.05/lb compared to $21.70/lb. US markets are closed tomorrow for our annual Independence Day celebration. Our next update will be on Friday where we will catch you up on how today and tomorrow's closings. Stay safe out there and have a great hump day. And Happy 4th!
• Average price of LME traded cash nickel so far this month - $7.80/lb
  

    Steel Industry Trends for 2024 - Explore the pivotal trends shaping the steel industry in 2024. From sustainability to technological innovations, uncover what lies ahead for this crucial sector. - more

    Japan’s stainless steel sheets imports rise in May y-o-y - According to trade statistics released by the Japanese Ministry of Finance, the import volume of cold-rolled stainless steel sheets in May was about .... - more

    Turkey launches AD investigation into CR stainless flat steel import from China & Indonesia - Turkish Ministry of Commerce issued a communique on June 28; the domestic manufacturers Posco Assan TST ... - more

    Indonesia launches first EV battery plant -  Indonesia launched its first electric vehicle battery plant on Wednesday, President Joko Widodo said, as Southeast Asian countries move to gain a foothold in .... - more

    US Supreme Court gives miners, farmers new shot at overturning regulations - Challengers to federal rules covering a range of industries including mining and farming got a fresh shot on Tuesday at rolling ... - more

    Universal Stainless Reports North Jackson Labor Contract Continuance - Universal Stainless & Alloy Products, Inc. reported today that it has agreed with Local 2332-2 of the United Steelworkers to a ... - more

    Indonesian community fights to save island paradise - The remote Indonesian island of Halmahera is now at the center of the country's nickel industry. Nickel mining has led to water pollution, land degradation .... - more

   Other News

• A tell-tale sign that China could be preparing for war - more
• Giuliani loses New York law license after backing Trump's false 2020 election claims - more
• C.H. Robinson slashes over 50% of US sales team, sources say - more

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Monday's trading session at $7.92/lb ($17,465/tonne). Indicators at 5:40 am CST today show nickel trading around $.01/lb  higher. Stockpiles of nickel stored in LME licensed warehouses rose on Monday and started today's trading session just over the 95,500 tonne level. Shanghai nickel rose to 138,020 y/t overnight. Nickel had a respectable jump yesterday, but is on pause so far this morning. Nickel closed Friday at $17,255/tonne, which compares to a December 2023 month end close at $16,765/tonne. LME cash nickel is up for the year, but well off May highs. Madagascar is giving another example of why mining in foreign countries always carries unique risk. Stay safe out there and have a great day!
• Average price of LME traded cash nickel so far this month - $7.81/lb
  

    Monday's market review - Copper buoyed by dollar, but China demand worry dominates - Copper prices firmed on Monday due to support from a weaker dollar and some stronger data from China's manufacturing ... - more

    Stainless Steel PMI Declines - Stainless Steel PMI Declines 0.37 Percentage Points to 49.84% in June, Reflecting a Slight Decline in Manufacturing Prosperity Level Compared with May - more

• Nickel ore inventory across the national ports in China increased by 80,000 wmt WoW - more
• June Review of Indonesia Laterite Nickel Ore RKAB Approval and Prices, What to Expect in July? - more

    France election: First round of French Pacific results show radicalisation, especially in New Caledonia - French Pacific results for the first round of French national snap elections have shown on Sunday a firm ... - more

    Courtesy AISI - In the week ending on June 29, 2024, domestic raw steel production was 1,721,000 net tons while the capability utilization rate was 77.5 percent. Production was 1,738,000 net tons in the week ending June 29, 2023 while the capability utilization then was 77.3 percent. - more

    Resources and energy quarterly: June 2024 - pdf here

   Other News

• Supreme Court rules ex-presidents have broad immunity, dimming chance of a pre-election Trump trial - more
  

  Economic Stats and Prices (posted in Friday edition)

  Daily Nickel/Stainless Steel Briefing 

• Nickel closed Friday's trading session at $7.83/lb ($17,255/tonne). Indicators at 5:35 am CST today show nickel trading around $.03/lb higher. Stockpiles of nickel stored in LME licensed warehouses rose on Friday and ended the first half of 2024, just over the 95,400 tonne level. That is a gain of 11,712 on the month, and 31,278 tonnes for 2024. Shanghai nickel rose to 137,000 y/t overnight. Nickel jumped at the end of Friday's session, and so far, that gain is holding. With European stainless steel industries quiet during the months of July and August, the nickel market in years gone by, could be rather docile during these months, But with the rise of the EV industry as a major nickel user, these months have seen some volatility in recent years. With the EV industry also quietening, we may see some of the docile return - or not. Bullish nickel traders are looking for any reason to take nickel prices higher, but so far, have been unsuccessful. Short traders, on the other hand, are using those growing LME inventory numbers and a slowing in world economies, as an excuse to drive the price lower. For the month of June, they won, but in taking nickel prices lower, they have to be careful not to drive prices so low that more nickel operations cease operations. If they do, they will see those inventory growth numbers evaporate, and nothing makes a bull happier than forcing short sellers to buy and cover their bets. This drives the prices artificially higher, but during that period, while nickel users grow ulcers, the bullish traders pocket profits. That said, no one knows what tomorrow will bring, let alone next week. So buckle up and stay tuned. It's the beginning of the latter half of 2024, and month seven. Stay safe out there and have a great day, week, and month!
  
• Average price of LME traded cash nickel so far this month - $7.94/lb (average June)
  

    Friday's market review - Copper rebounds on rate cut hopes, technical buying - Copper prices rose on Friday ahead of U.S. inflation data that could support future rate cuts and as some traders bought futures ... - more

   Copper the most bullish base metal for H2, market players say - (excerpt) At a seminar hosted by the LME on Thursday, 51% of the audience picked copper as the metal with the most upside potential for the second half, followed by aluminium and nickel at 16% each. ... - more

   Philippines courts investors for ‘China-free’ nickel supply chain - Manila pitches itself as alternative for western countries seeking to diversify sources of EV battery material - more   (Why Indonesia matters so much - image form article here)

    Divergent nickel inventory trends between LME & SHFE - Nickel inventories on the London Metal Exchange (LME) have surged past 93,000 tons, reaching their highest level in over two years. - more

   China Import 5.6 Million Tons of Nickel Ore Indonesia from 2020-2023 - Indef Senior Economist Faisal Basri has been accusing Indonesian nickel of leaking to China for a long time. - more

• The London Metal Exchange Is Taking a Hong Kong Consolation Prize - more

   Improve stock control and predictability to overcome inventory performance barriers - Delivering reliable product supply from a complex network of suppliers and service providers has only become more difficult ... - more

   Printed in 1861 - The Useful Metals and Their Alloys, Including Mining Ventilation, Mining Jurisprudence, and Metallurgic Chemistry Employed in the Conversion of Iron, Copper, Tin, Zinc, Antimony and Lead Ores; with Their Applications to the Industrial Arts - online here   (outdated but interesting for the history buffs among you)

   Other News

• Ford CEO Hits Back At Electric Vehicle 'Politics,' Disinformation - more
• China-Made EVs Accounted For 18.5% Of All EVs Sold In Europe In May 2024 - more
• Chinese scientists create robot with brain made from human stem cells - more
• The Supreme Court just made a massive power grab it will come to regret - more
• American media heavyweights tell president: it’s time to quit - more
• US, India extend digital tax truce to Sunday as deadline approaches - more
• Americans Dread Vote Between Two Unpopular Candidates  - more

  Economic Stats and Prices (posted in Friday edition)