Nickel Close to a 5-Year High

[Cu Penny Hoarder]

Nickel has gone mainstream. Just saw this:

https://m.youtube.com/watch?v=cE_V0eFVy54

Heresy Financial talking the nickel short and why nickels are worth more than a nickel.

Not good. Now we will have much more hoarding competition from newbies like this guy.

Then again, more ppl than ever are making digital payments. It's too much work and effort involved in procuring many lbs of physical nickels. Today we have these crypto-cultists, they're not interested in physical money anymore.

I am more worried about banks get marching orders to ration nickels and Lincoln cents. The real social threat is if an Oprah or Kardashian tweets that nickels are worth hoarding.

Yes, that too.

Funny joke about Oprah and Kardashian, but there is a lot of truth in that. IMO, social media is one of the worst things ever invented... very psychologically and emotionally destructive.

[Slaphot]

"If you owe the bank $1000, that's your problem. If you owe the bank $8 billion, that's the bank's problem."

https://www.zerohedge.com/markets/chinese-tycoon-who-faces-8-billion-margin-calls-tells-bank-he-wants-keep-shorting-nickel

[Cu Penny Hoarder]

"If you owe the bank $1000, that's your problem. If you owe the bank $8 billion, that's the bank's problem."

https://www.zerohedge.com/markets/chinese-tycoon-who-faces-8-billion-margin-calls-tells-bank-he-wants-keep-shorting-nickel

[Cu Penny Hoarder]

Just an FYI...

LME nickel trading opens up again on Wednesday 3/16. Should be very volatile. I bet these criminals smash the Ni price back down.

[NiBullionCu]

https://www.lme.com/-/media/Files/News/Notices/2022/03/TRADING-22-064-NICKEL-MARKET-UPDATE-RESUMPTION-OF-TRADING.pdf

The upper daily price limit for any outright Contract will be the previous Business Day’s Closing Price
for that contract, plus (i) for Nickel, at least 5% ... or (ii) 15% for all other base metals,

So Nickel is going to be limited to a 5% daily price swing, and all other base metals to a 15% price swing.

Tomorrow should be interesting, will they hit the 5% in the first minute and halt trading? we shall see.

P.s. Note they've added a 15% 'circuit breaker' to all other base metals as well.

[Cu Penny Hoarder]

https://www.lme.com/-/media/Files/News/Notices/2022/03/TRADING-22-064-NICKEL-MARKET-UPDATE-RESUMPTION-OF-TRADING.pdf

The upper daily price limit for any outright Contract will be the previous Business Day’s Closing Price
for that contract, plus (i) for Nickel, at least 5% ... or (ii) 15% for all other base metals,

So Nickel is going to be limited to a 5% daily price swing, and all other base metals to a 15% price swing.

Tomorrow should be interesting, will they hit the 5% in the first minute and halt trading? we shall see.

P.s. Note they've added a 15% 'circuit breaker' to all other base metals as well.

You gotta laugh whenever they use the term "Free market" - lol It's a criminal cabal from top to bottom.

They know what's coming and trying to prevent it.

Pretty soon humpty dumpty will fall and they won't be able to put him back together again. The sooner the better too.

[Cu Penny Hoarder]

What a shit-show! I predict LME prices will eventually become irrelevant.
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LME Re-Opens Nickel Trading; Quickly Halts Again On Limit-Down Band "System Error"

Update (0650ET): “What a debacle,” said Ole Hansen, head of commodities strategy at Saxo Bank A/s. “The LME is not doing itself any favors.”

After reopening the LME for nickel trading this morning, following the bailout of Chinese commodity tycoon Xiang Guangda, the Chinese-owned (HKEX) exchange for forced to suspend trading soon after the open due to a "system error" which had led to some trades to be executed below the new price limits laid out by the exchange.

As Bloomberg reports, only 206 lots, or 1,236 tons of nickel, changed hands before the market stopped trading within seconds on Wednesday morning. Most of those trades took place at the limit price of $45,590 a ton. Several trades appeared to be at prices below the 5% limit.

“In some sense it went as expected, in that we all expected it to fall, but it was just a question of how quickly,” Colin Hamilton, managing director for commodities research at BMO Capital Markets, said by phone from London.

The LME introduced price limits before reopening today to prevent a repeat of the chaos last Tuesday, when it suspended trading as prices roared to record highs above $100,000 a tonne. In a statement the exchange said:

“As the market opened, the uncrossing algorithm discovered an opening price of $45,590 (which was the lower daily price limit, i.e. 5% below the prices published in Notice 22/067) for 3-month Nickel.

“Unfortunately due to a systems error, LMEselect then allowed a small number of trades to be executed below this lower daily price limit.

“The LME immediately decided to suspend Nickel trading on LMEselect while the system error is investigated.”

The LME said that all nickel trades executed at the lower price on LMEselect, its trading system, would now be cancelled.

This 'cancellation' decision follows the highly controversial move from the LME to cancel $3.9bn worth of trades last Tuesday as the market surged.

[Silver4face]

As of 20 minutes ago, the Kitco "bid/ask" price was 16.68 - 19.22, which is clearly better than the 15 something on coinflation. Obviously the coinflation price will not change until tomorrow, but it will be interesting to see what happens on Kitco this afternoon
It's going to be a crazy ride!

[Cu Penny Hoarder]

As of 20 minutes ago, the Kitco "bid/ask" price was 16.68 - 19.22, which is clearly better than the 15 something on coinflation. Obviously the coinflation price will not change until tomorrow, but it will be interesting to see what happens on Kitco this afternoon
It's going to be a crazy ride!

The prices on Coinflation are lagging and are not adjusted until the next day. Kitco is probably the best free nickel chart out there.

It appears the LME froze trading again. Total joke. Everyone who got their trades cancelled would be a total fool to trade with them ever again. I wonder if the LME realizes how hard they just phucked themselves?

[Silver4face]

As of 20 minutes ago, the Kitco "bid/ask" price was 16.68 - 19.22, which is clearly better than the 15 something on coinflation. Obviously the coinflation price will not change until tomorrow, but it will be interesting to see what happens on Kitco this afternoon
It's going to be a crazy ride!

The prices on Coinflation are lagging and are not adjusted until the next day. Kitco is probably the best free nickel chart out there.

It appears the LME froze trading again. Total joke. Everyone who got their trades cancelled would be a total fool to trade with them ever again. I wonder if the LME realizes how hard they just phucked themselves?

Very good point, I do not do business with the LME anyway, but I can see people having trust issues with them. As for coinflation, it's still a very good site, especially for those people that don't check prices every day. I use both Kitco and coinflation.

[Silver4face]

Nickel is all the way down to 11 dollars a pound on coinflation (12.84 on Kitco). Curious to see what happens next. Of course, the 11 dollars a pound is still higher than what it was in January and most of February.

[Cu Penny Hoarder]

Nickel is all the way down to 11 dollars a pound on coinflation (12.84 on Kitco). Curious to see what happens next. Of course, the 11 dollars a pound is still higher than what it was in January and most of February.

Kitco charts use the LME prices. I'm showing $12.87 right now on Kitco, but does it even matter? I would think more than few traders now find the LME nickel price to be inaccurate, possibly irrelevant. I could be wrong, only time will tell.

Ordered 5 more boxes today. BRING ME MORE NICKELS!

[Silver4face]

Maybe we should rename you KYLE BASS! LOL. Also, how do you manage to get FIVE boxes out of one bank (or CU)?

[Cu Penny Hoarder]

Maybe we should rename you KYLE BASS! LOL. Also, how do you manage to get FIVE boxes out of one bank (or CU)?

Not one branch, 3-4 branches... 2 boxes here, 2 boxes there, etc.

Also, I bring them chocolates and donuts (no joke).

[TXSTARFIRE]

Nickel up 1.99 today to $14.84 on Coinflation. Melt value on a US Nickel just under 8 cents.

[Cu Penny Hoarder]

A nickel metal value is down close to face value... now worth 0.056 cents.

[68Camaro]

Edit: That's weird, when I first posted the below I swear the USD was showing 106.6, but when I just rechecked it was NOT that; it was *merely* 105.1. I dunno if I read it wrong, or if it was a market blip that settled out. So parts of the rest of my post below aren't quantitatively correct, but the trend remains there, so I'll leave it alone for now.

Man - USD is skyrocketing - 106.6 as I type this. I would like to say it makes no sense, but it obviously does to someone, for some reason. It's been 20 years since it hit this level in the early 2000s.

The rise of the USD is not the only reason that most commodities are down, but it's part of it. Oil is down big, -6% in the moment. Why? Big market forces somewhere are pushing it down. What do they know that we don't? Is there collaboration (collusion) going on in the background to temporarily reduce oil prices before the election? Only 4 months until then.

When I look at a 2 year USD plot I'm surprised that I see that the USD hit a local bottom in early January 2020 just before the Biden inauguration at about 90. The trend has gone almost nowhere but up ever since, and we're now at a 19% USD increase under Biden. That temporary rise needs to be factored into inflation - we're buying foreign goods with dollars that are worth 19% more, which means that the actual inflation rate is actually far higher than we realize. When USD comes back down (and it will) everything that is imported will be that much more expensive. Buy now while you can...

[Silver4face]

I’m seeing today (Tuesday Dec. 15th) that nickel has hit the $8 mark. This is close to a 5-year high. It might even be better than that as the charts for nickel on Kitcometals.com only appear to go back 5 years.

Does anyone have a 10 or 20-year chart?

P.S. I still love those Canadian .999 nickels. To any potential sellers, I have several good local sources at prices most people couldn’t touch. By the time you added freight, you wouldn’t likely be competitive.

With the way things are going, I'm afraid that nickel will be back down to the $8 mark that u quoted in starting this thread. I certainly hope not, but it looks bad.

[Recyclersteve]

Geez, the last time I looked at nickel it was about $12-13ish. Oh well…

[68Camaro]

Go up 3 posts to see my note on the USD. No matter whether or not there was a blip on that day. The USD is now 108.2!

[Silver4face]

If you take away the march madness, NICKEL is currently at a 5 year high RIGHT NOW! Conflation reported 13.78 this morning and Kitco says 13.67, which is basically the same thing. AT 13.78, where does it go from here? I'm looking forward to conflation and Kitco tomorrow and Friday as we close out the year.

[Recyclersteve]

KitcoMetals.com shows that nickel closed the year with a bid price of $13.65/lb. Not too shabby!

[thecrazyone]

KitcoMetals.com shows that nickel closed the year with a bid price of $13.65/lb. Not too shabby!

Good, because I have more nickels this year than I did at this time last year

[TXSTARFIRE]

Nickel now $12.87. Melt value 7 cents.

[frugi]

Nickel now $12.87. Melt value 7 cents.

Not anymore.

Down 33%

The story of my life.