The LME nickel price (spot) on August 2nd 2012 was USD 15,300 per tonne, the lowest not only since the beginning of 2012 but also since July 13th 2009 when the spot was USD 14,360 per tonne.

The LME prices of nickel moved during this week as follows, rebounded to USD 16,160 per tonne (3 months) on July 30th 2012 in the hope that ECB and FRB would announce some effective measures against the crisis in Europe, dropped on July 31st 2012 as some pessimists mentioned more serious scenario based on the continued uncertainty of European economy, further dropped the next day as FRB failed to announce a new plan to stimulate the economy, and as the economic indicators in China were weak, made another decline to USD 15,250 per tonne just before the closure of London market on August 2nd 2012 as the statement of ECB governor did not satisfy the expectations from the market for economic recovery in Europe.

LME 3 month nickel price has dropped this year by as much as USD 6,700 per tonne from its peak at USD 21,950 per tonne recorded in February 8th 2012 in the afternoon session.

Source - TEX Report Limited

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