LME nickel price rebounds greatly on Feb 1
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Update time : 2021-02-02 16:46:24
The three-month futures price of nickel on the London Metal Exchange (LME) rebounded greatly by US$169/ton yesterday (February 1), closing at US$17,860/ton, and the spot price also surged by US$168.75/ton to US$17,816.75/ton.
The average nickel price in January reached US$17,863/ton, higher than the US$16,823/ton in December 2020.
Meanwhile, LME’s market inventory of nickel decreased by 30 tons to 248,856 tons. The cumulative increase in January was 2,178 tons.
According to market participants, the nickel price rebounded due to the rising stainless steel futures in China amid tight supply caused by overhauls at steel mills. It was expected that nickel prices may fluctuate in a stable range in the short term.
