Nickel stockpiles jumped 402 tonsMay 22 (Bloomberg)
Nickel stockpiles jumped 402 tons, or 8.1 percent, to 5,388 tons, the largest increase since April 25. Still, inventories have fallen 74 percent in the past year to less than two days of global consumption. The metal, used in stainless steel, traded at a record $51,800 on May 9.
ThyssenKrupp AG, the world's biggest stainless steelmaker, may reduce nickel purchases to cut costs as prices of the raw material rise to record highs. The company may increase output of nickel-free stainless steel to 35 percent of total production from 30 percent, Jurgen H. Fechter, chief executive officer of ThyssenKrupp's stainless-steel division, said in an interview in Kyoto yesterday.
The three-month nickel contract dropped $150, or 0.3 percent, to $50,300 a ton.