Nickel stocks at record highs

LME nickel stock exceeded 100,000 tonnes on Monday, reaching a new record high in the last 13 years. Nickel stock has continuously increased from December of 2008, exceeding 80,000 tonnes in January of 2009, and continually to rise. TheWBMS reported Wednesday that the refined Nickel market recorded a 54,100 tonne surplus at the end of 2008. It reported an additional 15,100 tonne surplus in January 2009. The closing price of Nickel on Wednesday was just below the $10,000 per tonne price at $9875.