LME nickel price greatly rebounds on Oct 14 due to severer strike in Indonesia
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Update time : 2020-10-15 17:14:05
The three-month futures price of nickel on the London Metal Exchange (LME) greatly rebounded by US$301/ton yesterday (October 14), closing at US$15,341/ton, hitting a new high since September 3. The spot price also surged by US$304/ton to US$15,295.5/ton.
Meanwhile, LME’s market inventory of nickel increased by 222 tons to 237,156 tons. The cumulative increase of this month was 780 tons so far.
According to market participants, nickel prices rose back largely due to the more violent protests in many Indonesian cities, which brought out market concerns on supply and transportation.
Besides, China’s stainless steel futures also increased. Therefore, the short-term nickel price was expected to keep strong, but the inventory will be a key factor that needed to be observed meantime.
