Nickel Price Touches a Two-Month Low as Stockpiles Increase

Nickel fell to a two-month low as a jump in stockpiles added to concerns that production is outstripping consumption amid slowing demand in China, the world’s biggest user.

Inventories rose 0.6 percent to 461,436 metric tons on Monday, the biggest gain in two weeks and close to a record reached June 4, London Metal Exchange data show. More may be ending up in LME warehouses after demand stalled last year for metal used as collateral in finance deals during a probe into inventories at Qingdao, China’s third-largest port, said Mike Dragosits, a senior commodity strategist at TD Securities.