LONDON (MarketWatch) – London Metal Exchange (LME) nickel fell on Tuesday, close to a one-month low, which was involved in the fund’s profit-taking, but concerns about the supply of the Philippines and, in particular, the steady demand from China’s stainless steel mills, support.
London time on September 19 17:00 (Beijing time on September 20 00:00), three-month nickel closed down 0.85 percent, to $ 11,140 per ton, earlier fell to $ 10,875, the previous period nickel fell to August 18 to the lowest $ 10,845.
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“From September to early September, nickel prices rose nearly 40% to $ 12,000,” said Robin Bhar, an analyst at Societe Generale in France. “The speculators are shipping.”
“We estimate that the marginal cost of production is around $ 10,400 / $ 10,500, which will constitute a downshift support, and the demand from stainless and non-stainless steel applications is robust.”
About two-thirds of the world’s 1.9 million tons of nickel demand is used to produce stainless steel. International Nickel Research Organization (INSG) data show that the nickel market in June supply shortage of 400 tons in May for the shortage of 6,700 tons.
LME nickel stocks remain in the majority of this year, 36-39 million tons, but the cancellation of the warehouse receipts to reduce the price pressure.
The market is also waiting for the Fed to start a two-day monetary policy meeting on Tuesday. The results of the meeting will be released at 4 am Beijing time on Thursday, the market generally expected interest rates will remain unchanged, but will announce the beginning of the table.
Zinc remained above $ 3,000 due to the expected shortage of supply, but high prices could mean that idle capacity would be put into production, increased production and new capacity.
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Three-month zinc rose 0.29 percent to $ 3,106.
Spot zinc than three months of zinc rose to nearly 20 US dollars per ton, the highest in May 2015 to the highest.
Among the other base metals, copper for three months was up 0.1% at $ 6,539 a tonne.
Three-month aluminum rose 1.7% at $ 2,124 a tonne.
Three-month lead rose 1.26% to $ 2,420 a tonne.
Three-month tin fell 0.2 percent at $ 20,650 a tonne.
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