Market update for OSTP Group Customers:
The LME reopened the Nickel Trading market at 08.00 GMT.
The uncrossing algorithm established an opening 3 month price of 45,590 $/T (ie: 5% below the price published in Notice 22/067)
Unfortunately virtually immediately due to an IT system error LME decided to suspend trading while the error was investigated.
Later LME reported:
- The Nickel price traded down by the pre-set -5% daily limit and this is considered a disruption event and therefore no official price is published for today.
- LME is investigating if it can widen the price limit for tomorrow. Announcement will be made later today.
- LME will not publish official prices until a price is discovered without breaching the daily price limits.
Therefore at this point in time OSTP Group continues with its policy announced earlier ie:
OSTP therefore will continue to offer only on a daily basis with all offers valid for 1 day.
We regret that this is necessary but these unprecedented conditions leave us with no alternative currently.
We confirm once again that OSTP’s best advice to our customers is not to panic but to engage in dialogue with us through your normal contact routes so we can together navigate these times with least negative impact to all parties and maintain as best as possible needed material supplies.
It should be naturally expected that material prices base and AAF rates will increase significantly in the coming months and current offers made by OSTP Group reflect the best known information available.
We remain committed to maintain regular news updates on our website for your information and guidance