LME nickel price hikes greatly on Dec 14
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Update time : 2020-12-15 17:54:21
The three-month futures price of nickel on the London Metal Exchange (LME) surged by US$306/ton yesterday (December 14), closing at US$17,590/ton, and the spot price also soared by US$309/ton to US$17,539.75/ton.
The average nickel price of this month has reached US$16,588/ton, higher than the US$15,808/ton in the previous month.
Meanwhile, LME’s market inventory of nickel increased by 12 tons to 243,300 tons. The cumulative increase of this month was 1,638 tons so far.
According to market participants, nickel prices rebounded greatly due to the tight supply caused by the rainy season in the Philippines, decreased inventory of refined nickel in China, and optimistic demand for new energy vehicle batteries. Therefore, the short-term nickel price was expected to keep stable.
