Global nickel prices keep steady in short term
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Update time : 2022-04-20 19:36:25
The international prices of nickel kept rising, and the price bounced back to above US$33,700/ton yesterday (April 19). Decreasing stocks of nickel made supply pressure continue.
LME nickel futures prices kept rising by US$623 and closed at US$33,768/ton on April 19. The spot prices increased by US$571 and closed at US$33,715/ton.
In April, LME nickel futures price total rise was about US$1,661 and the spot prices also increased by US$1,622. In addition, the average nickel price in April is US$33,229/ton, slightly decreased by US$617 month on month.
As of April 19, the nickel price cumulatively has increased by US$1,285, which has risen for four consecutive days, an increase of 3.9%. This month, LME nickel prices grew by 5.2%, and it was at the highest level from March 24.
Apart from that, compared with April 13, LME nickel stock kept reducing by 66 tons, to 72,534 tons. The total nickel stock fell by 828 tons this month.
Reducing nickel stocks, increasing supply pressure, high demands for new energy vehicles, plus increasing nickel prices at Shanghai Commodity Exchange in six consecutive days made LME nickel prices hike. As a result, nickel prices are expected to keep rising in a short term.
