Nickel Stockpiles on LME Fall to Lowest in Almost Two Years

Nickel Stockpiles on LME Fall to Lowest in Almost Two Years

By Agnieszka Troszkiewicz – Jul 5, 2011

Nickel inventories monitored by the London Metal Exchange fell to the lowest level in almost two years on declines in Rotterdam.

Stockpiles dropped 594 metric tons to 105,804 tons, the lowest since Aug. 6, 2009, exchange data showed today. Inventories are down 22 percent this year, heading for a second annual retreat.

Nickel stocks in Rotterdam, down 26 percent this year, dropped 558 tons to 76,554 tons. Orders to draw nickel from warehouses, or canceled warrants, fell 516 tons to 5,262 tons.

Aluminum stockpiles fell for a 29th session, dropping the most in warehouses in the U.S. and South Korea. Inventories of the lightweight metal slid 10,300 tons to 4.47 million tons. They are at the lowest level since Jan. 18. Stockpiles have dropped 5.1 percent since May 24. Canceled warrants for aluminum fell 10,475 tons to 428,600 tons.

Zinc canceled warrants rose 500 tons to 54,025 tons, driven by a 1,050 ton rise in New Orleans. They are at the highest level since Sept. 17. Zinc stockpiles fell for an eighth day, declining 625 tons to 859,750 tons.

Lead inventories declined to the lowest level since May 11, falling 1,775 tons to 314,900 tons. Most of the declines were seen in Singapore. Canceled warrants fell 1,950 tons to 30,525 tons.

Copper stockpiles dropped 225 tons to 462,500 tons, the lowest level since April 26. Canceled warrants rose 475 tons to 19,950 tons, with a 1,000 ton rise seen in Busan, South Korea.

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