LME nickel price keeps soaring, hitting 5-month high
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Update time : 2022-11-15 18:44:53
The LME nickel futures prices continued to soar yesterday (November 14). The price surged by US$1,915, closing at US$28,840/ton. The spot price also rose greatly by US$1,911, reaching US$28,767/ton.
The current nickel futures have rebounded to a new high since June 8. The increase has reached US$7,031, or 32.2%, so far this month, and the price has risen by US$8,083, or 39%, since this year.
So far this month, the nickel price has averaged US$24,745/ton, higher than US$22,040/ton in the previous month. The LME nickel inventory continued to drop by 132 tons, coming to 50,172 tons. The inventory has decreased by 1,962 tons since this month.
Due to the LME nickel inventory falling to a record low and the optimistic demand for new energy vehicles, the nickel price was supported. Market participants said that the short-term price trend of nickel will still be subject to the macro and capital aspects and is likely to have big fluctuations.
