Copper and nickel inventories are increasing at warehouses designated by London Metal Exchange (LME). LME nickel inventory exceeded 150,000 tonnes for the first time since November 1994. LME copper inventory increased by 87% to 480,000 tonnes from the yearly bottom in July 2009. Base metal prices are steady with speculative purchasing at international exchanges. However, global supply and demand balances are loosing and market fundamentals are worsening.
LME nickel inventory was 150,498 tonnes as of December 21, increasing by 2,040 tonnes from the previous day. The inventory almost doubled from the beginning of this year when nickel producers entered wide output reductions along global economy deterioration. Global demand for nickel maintains low from stainless steels. Nickel producers are bringing surplus ingot to LME warehouses. LME copper inventory was 479,450 tonnes on December 21st, increasing by 3,100 tonnes from the previous day. The inventory hit the highest volume since mid April 2009. Compared with the yearly bottom in July 2009, the inventory expanded by 94,825 tonnes in Busan, South Korea. Surplus ingot is brought from China as a rebound of Chinese excess import in the first half of 2009. Electrolytic copper inventory currently exceeds 680,000 tonnes as a total of LME, Commodity Exchange of New York and Shanghai Futures Exchange. The volume is at the yearly highest level.Japan Steel Scrap Composite Prices (Sangyo Press)
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