LME nickel price continues rising on May 26
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Update time : 2020-05-27 20:38:54
The three-month futures price of nickel on the London Metal Exchange (LME) rose by US$91/ton yesterday (May 26th), closing at US$12,341/ton, and the spot price also hiked by US$89.5/ton to US$12,275/ton.
Meanwhile, LME’s market inventory of nickel increased by 348 tons, reaching 234,198 tons. The cumulative increase in May was 3,042 tons.
According to market participants, with a positive outlook of the global economy after the coronavirus epidemic eased gradually and China’s continuous economic stimulus measures, the demand for stainless steel has grown, which benefited nickel prices.
However, due to lower prices of China’s stainless steel futures, the short-term nickel price was expected to keep in a slight fluctuation.
