Nickel falls on signs of slowing China growth as stockpiles rise

Posted on May 14, 2015 10:53:02 AM | BREAKING NEWS

NICKEL FELL a second day as stockpiles climbed near a record and amid signs of cooling from China and the US, the world’s biggest metals consumers.

Nickel slid as much as 1.5 percent in London after dropping 2.1 percent Wednesday, the most in a week. The metal traded in Shanghai lost as much as 2.9 percent. Inventories tracked by the London Metal Exchange rose to 441,042 metric tons, close to the record of 444,756 tons reached last month. Industrial production in China during April missed estimates, according to data released Wednesday, while figures out Thursday are expected to show a rise in US jobless claims.

Nickel for delivery in three months on the LME fell 1.2 percent to $13,900 a ton at 9:25 a.m. in Shanghai. Prices have dropped 31 percent in the past 12 months, the second-most among the six main metals traded in London. The July contract on the Shanghai Futures Exchange lost 2.6 percent to 108,850 yuan ($17,543) a ton.

Copper in London rose 0.1 percent to $6,409 a ton ($2.91 a pound). In New York, July futures fell 0.3 percent $2.9215 a pound, while the metal for the same month in Shanghai climbed slipped 0.8 percent to 45,930 yuan a ton.

China’s industrial output in April rose 5.9 percent from the same month last year, below the 6 percent pace forecast in a Bloomberg survey, government data showed Wednesday.

Jobless claims in the US will increase by 8,000 to 273,000 in the week ended May 9, according to the median forecast of 53 economists surveyed by Bloomberg ahead of a Labor Department report due Thursday in Washington.

Also on the LME, aluminum rose while tin and zinc were little changed. Lead hadn’t traded. -- Bloomberg