consumption should tell, page-2

Im not sure where you got your consumption figures from but they are way to large in order of magnitude for a monthly tally for nickel sold on the LME.

Remember that the nickel sold on the LME is only a minor proportion of the total nickel produced. The vast majority is sold directly from producer to consumer, either under a hedged contract or using LME prices to fix the price, or by negotiation.

A high but varying proportion of the nickel sold on LME is not sold to a consumer of nickel, but to investors who try to resell the nickel at a profit. It could be resold many times before a consumer buys it. Hence sales figures are difficult to comprehend. I think the figure for "cancelled warrants" may be a closer indicator.

Certainly recent monthly sales have Been WAY down. The LME changed its rules so that there was a limit to the amount of nickel that an investor could hold, forcing investors to sell the excess whether they wanted too or not. This immediately supplied a surplus on the market causing the drop in price. This started a vicious cycle where buyers held off buying forcing prices down.

A few hundred extra tonnes of nickel on the market started this collapse off. Stocks are rising at the moment as buyers hold off waiting for nickel to get even cheaper, plus there is a slight seasonal reduction in nickel consumption.

Prices have no where near settled as yet. Many think the settling price wont be reached for at least another month.

Things are so unsettled at the moment that you wont find a direct correlation between amount sold and price. Perhaps this will be possible in a month or two!

Good Luck!