LME nickel price keep rising reaches 4-month high on Jul 10
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Update time : 2021-07-12 17:08:16
The London Metal Exchange (LME) surged by US$413/ton last Friday (July 9), closing at US$18,747/ton. The spot price also hiked greatly by US$447/ton to US$18,769.5/ton.
The LME nickel futures price has cumulatively risen by US$405 last week, reaching a four-month high.
The current average nickel price of this month is US$18,318/ton, higher than the US$17,981/ton in the previous month.
Meanwhile, LME’s market inventory of nickel plunged by 1,368 tons, coming to 228,612 tons. The cumulative decrease in July has reached 3,864 tons so far.
According to market participants, nickel prices were supported by the increasing stainless steel futures in China, the new-low LME nickel inventory, and the high scheduling of stainless steel production at China’s steel mills. Therefore, it was expected that the nickel price will keep its firm pattern.
