LME Nickel Stocks



Here’s a real head scratcher:-

One says lead is down 800 tonnes and nickel up 1,506 and the other has it the other way round. I know which one I’d prefer to be right but it looks like we will have to wait until tomorrow for the LME to confirm.

TDT :sunglasses:







This settles it I guess.

TDT :sunglasses:

“Nearby tightness did little to prompt deliveries onto the exchange in recent days, however this morning more than 1,500 tonnes were delivered into LME-registered warehouses in South Korea.”





LME INVENTORY Nickel -2460???




Anyone know what the fund money is doing here. Are they backing the positivity on the thread yet?



Inventory in the LME falling by 2,460 tonnes today is a bit of a surprise. Long may it continue.

Stock in the LME now stands at 163,104 tonnes, the lowest since 26th. March 2013. Of course the issue is not the total in the LME but the number of live warrants. We will see where that’s going tomorrow.



Image source: The Assay


"Nickel is the one major London Metals Exchange metal which we continue to be bearish on for 2019, due to the sheer volume of nickel units in NPI and stainless ramping up in Indonesia. We forecast over 10% nickel unit supply growth this year, with 2mt of new stainless capacity ramping up in Indonesia, and an increase of over 150kt of NPI output in the country. While the tier-one nickel market for briquettes and refined nickel remains tight (evidenced by a consistent draw in exchange inventory throughout last year), we do not believe that the nickel market as a whole can do well when the outlook for stainless is so poor. Remember, while batteries may be the future growth-driver for nickel, today they only account for 6% of nickel consumption versus stainless steel, which accounts for roughly three quarters of nickel consumption."


Good background stuff in the Jim Lennon article.

I’m surprised nobody has made the direct link between increasing NPI output in Indonesia having the potential to free up class 1 nickel currently going in to making stainless steel for the battery sector. Maybe they know it but just don’t want to point it out right now.

TDT :sunglasses:


This is rather odd.

Live warrants - 104,898

Cancelled warrants - 58,206

Total - 163,104

The total in the LME has gone down by 2,460 tonnes but the live warrants total has gone up by almost the same amount. Cancelled warrants, as a percentage of the total nickel inventory in the LME is down to just over 35%. It hasn’t been this low for several months. This may be a one off or is may herald a reversal in the decline in nickel inventory held by the LME. I think its the latter.

TDT :sunglasses:



Today -2814 :roll_eyes: