LME nickel price rises back on Aug 20
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Update time : 2021-08-23 21:27:09
The three-month futures price of nickel on the London Metal Exchange (LME) rebounded by US$78/ton last Friday (August 20), closing at US$18,463/ton. The spot price also rose by US$95/ton, reaching US$18,479/ton.
The current average nickel price of this month is US$19,159/ton, higher than the US$18,818.5/ton in the previous month.
Meanwhile, LME’s market inventory of nickel continued sliding, dropping by 372 tons to 198,114 tons.
According to market participants, nickel prices rebounded due to the weakened US dollar, well-performing market demand in China, and the continuously dropping global refined nickel inventories for 16 consecutive weeks. It was expected that the nickel prices will fluctuate and then stabilize in the short term.
