TL;DR news on Nickel price at June 14, 2023
"Costs for 304 stainless steel are firm and have supported prices of the metal," analysts with Huatai Futures said, noting that spot transactions are cool at the moment. Nickel is broadly used in producing stainless steel that can be found in food preparation equipment, mobile phones, medical equipment, transport, buildings, and power generation. From a technical view, the steep ascending line drawn from last week's rapid growth should see the metal price keep the rising journey. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. A significant imbalance between supply and demand for nickel, indicates that the metal's price cold keep rising. Ignoring the appreciation in the nickel price, the Odey fund manager estimates Western Areas' worth at five times the US$313 million figure given for Odysseus, making it worth US$1.56 billion. The company also has a large arbitrage shareholder base that has acquired its holdings at a premium to IGO's initial offer, which further incentivizes them to push for a higher takeover price. According to manufacturers, the raw material prices have been rising for the past couple of months and the conflict between Russia and Ukraine has further led to a sharp increase in rates. Market participants are watching to see how prices respond to the possibility of future sanctions on commodities exports from Russia and how additional supply chain disruptions may affect metals. 24, threatening to drive up electric vehicle battery costs that were already under pressure from rising raw material prices. While consumers worry less now about being stranded without power on the roadside, price remains a major concern, according to a Cox survey. The trouble started when oil prices started to go through the roof, and US index futures started to tank. Biden is on the horns, having pledged to bring US gasoline prices down while at the same time, in a rare showing of bipartisan support, Congress is moving to a Russian ban. Oil prices pulled back sharply from their highs last night but that did not prevent US indices from closing on their lows. All overnight and intraday prices, average prices, currency conversions and charts for stock indices, currencies, commodities, bonds, VIX and more available on the FNArena website. About the Nickel Project The subject claims are partially underlain by rocks like those hosting the Decar project of FPX Nickel where mineralization includes nickel, cobalt, and chromium. Readers are cautioned that the information in this press release regarding the property of FPX Nickel Corp is not necessarily indicative of the mineralization on the property of interest. Nickel cobalt mineralization has not been well explored, but the presence of awaruite has been documented. The selling price determined by the analysis of these two components is the price used for the economic analysis performed for the PEA. FPX Nickel has a current cash balance of approximately $2.1 million. Cobalt market update: Price performance Last year saw cobalt prices double on the back of strong demand from the EV sector, which surpassed smartphones as the top demand driver for the first time. Not all good news for equities though, which have struggled to keep pace with prices, with nickel miners actually trading down today despite nickel trading at a level not seen since 2007. That will almost certainly be higher in 2022 thanks to the recent squeeze in coal prices. As higher inflation hits bonds and equities, investors are favouring commodity funds as the underlying assets often act as a hedge against rising price pressures. But I am not worried about price increases because I make money enough from other sources rather than from raising livestock to afford to continue to buy more expensive food.