LME nickel price risen for 3 consecutive days
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Update time : 2022-04-18 18:50:27
The LME nickel futures rose by US$194 last Thursday (April 14), closing at US$33,175/ton. The spot price also hiked by US$197, reaching US$33,144/ton.
The nickel price has climbed by US$1,068 in total this month, an increase of 3.3%; the spot price has risen by US$1,051 so far.
Meanwhile, LME’s market inventory of nickel fell by 258 tons, coming to 72,600 tons. The increase in April has amounted to 30 tons.
According to market participants, the Russia-Ukraine conflict is continuing, gas prices in Europe are still high, and smelting enterprises are facing high power costs, which hindered the resumption of production capacity. Moreover, China’s epidemic blocked cargo transport. These are the reasons to boost nickel prices late last week.
Although the demand remained weak in China due to the epidemic, the government’s policy was expected to support the demand, so the nickel prices will fluctuate in the short term.
