LME nickel price rebounds on Jun 4
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Update time : 2021-06-07 17:53:01
The three-month futures price of nickel on the London Metal Exchange (LME) rebounded by US$129/ton last Friday (June 4), closing at US$18,020/ton. The spot price also increased by US$131.75/ton to US$17,993.25/ton.
The current average nickel price of this month is US$18,039/ton, higher than the US$17,572/ton in the previous month.
Meanwhile, LME’s market inventory of nickel dropped by 594 tons to 242,568 tons. The cumulative decrease in June has reached 4,926 tons so far.
According to market participants, the US’ non-agricultural employment data was strong while still lower than market expectations, and market concerns on tightening monetary policy were slightly eased. Coupled with the support of high prices of stainless steel in China, nickel prices rebounded accordingly. It was expected that nickel prices will fluctuate in a stable range.
