LME nickel price keep firm by high demand
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Update time : 2021-07-28 19:12:13
The current average nickel price of this month is US$18,689/ton, obviously higher than the US$17,981/ton in the previous month.
After a cumulative increase of more than US$1,100 in the past three trading days, the three-month futures price of nickel on the London Metal Exchange (LME) dropped by US$360/ton yesterday (July 27), closing at US$19,357/ton. The spot price also fell greatly by US$361.5/ton, reaching US$19,345.5/ton.
Meanwhile, LME’s market inventory of nickel continued decreasing, down by 1,302 tons to 217,878 tons. The cumulative decrease in July has reached 14,598 tons so far.
According to market participants, China’s stainless steel prices decreased, and downstream buyers became cautious after prices rose, all of which led to a rebound in nickel prices. However, due to the tight supply, continuously decreasing inventories, and growing demand, the future nickel price was expected to keep firm.
