Following the auction, August 6, 2010 the cash price of nickel on the LME was 21 910 USD / ton., The price of nickel with 3 months. supply 22 000 USD / ton. The volume of stocks decreased by 468 tons. and amounted to 119,886 tons.
According to analysts of Standard Bank, the cost of nickel in the current year will amount to 21 310 USD / ton. Earlier, the bank's analysts predicted that the price will not exceed 20 225 USD / ton.
The annual average price of cash nickel in 2009 was 14 652 USD / ton, a decrease compared to 2008 by 30.6%.
The current value of this index (Jan.-avg.2010) is 20 997 USD / ton. In order to forecast the bank was justified, the average price of cash nickel until the end of the year should not be less than 21 310 USD / ton.
The current value of the average cash price of nickel on the LME (September 6 inclusive) is 21 571 USD / ton.
How fulfilled analysts' forecast of Standard Bank, will depend development the situation on the stainless steel market.
According to the company Heinz H. Pariser, in the first half of 2010, compared to the same period of 2009, the global volume of stainless steel smelting increased by 39.9% and amounted to 16.05 mln.tn., which is a record for the global industry. Prior to this, the highest rate was recorded in 2007, when the semi-annual production volume exceeded 15.04 mln.tn.