LME nickel price rises back on Oct 7
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Update time : 2020-10-08 19:58:49
The three-month futures price of nickel on the London Metal Exchange (LME) rose by US$87/ton yesterday (October 7), closing at US$14,604/ton. The spot price also hiked by US$80.75/ton to US$14,561.5/ton.
Meanwhile, LME’s market inventory of nickel decreased by 66 tons to 236,058 tons. The cumulative decrease of this month was 318 tons so far.
According to market participants, nickel prices rebounded due to the weakening US dollar, improved economy in China, and the positive outlook of the market demand. The short-term nickel price was expected to fluctuate in a stable trend due to the approaching rainy season in the Philippines.
