[Ferro-Alloys.com]LME nickel price continued to fall after reaching about $20,000/t at the beginning of July this year. The price kept stable around $18,600/t throughout August as the Indonesia treasury lowered the export tariff for concentrate ore, with high at $19,160/t and low at $18,256/t, up 1.57%. On the other hand, the LME nickel stocks created a new history high at 317,625 mt in the beginning of August, which put much pressure on the nickel price as well. On Sept. 26th, the stock climbed to another high at 347,970 mt. Entering September, the price reached a fresh high at $19,940/t in the month on the sixth business day, due to the Philippine’s bill trying to ban the export for unprocessed miners like the Indonesia’s. However, the price dipped dramatically the next day after hitting the high, and a downtrend which brought the price to what it was six months ago. The Philippine’s bill failed to be implemented in the following years, which weakened the support for the nickel price, furthermore,  the expectation of China’s subdued economic stimulus policy dragged the price down as well.

 

Technically, the MA100 sits on the $16,000/mt line on the week chart. Price might reach the $15,000/mt line if the price breaks the MA100, which might further bring the price back to what it was at the beginning of the year.Prices at $17,500/mt and $18,500/mt seem to be two important resistance areas, and breaking of these two areas might end this downtrend.

 

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