Nickel Prices Weaker on Record Inventories

Reuters reported on Monday that nickel prices had hit a three month low to start the week. The base metal dropped after LME inventories hit a record high, while slowing factory output from China raised fears of decreased demand.

As quoted in the publication:

Three month nickel on the London Metal Exchange shed 1.9 percent to close at $18,050 a tonne, the weakest since June 13.

LME inventories MNISTX-TOTAL climbed 1,008 tonnes to a record 334,842 tonnes while the discount of the cash contract to the benchmark three month futures has increased by $12 to $88 over the past two weeks.

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