LME nickel price soared for 3 consecutive days due to sharp decrease in China’s refined nickel output
Views : 226
Update time : 2021-08-13 17:25:13
The three-month futures price of nickel on the London Metal Exchange (LME) soared by US$310/ton yesterday (August 12), closing at US$19,678/ton, which has risen for three trading days in a row. The spot price also surged by US$315/ton, reaching US$19,659/ton.
The current average nickel price of this month is US$19,257/ton, higher than the US$18,818.5/ton in the previous month.
Meanwhile, LME’s market inventory of nickel continued decreasing, dropping by 1,440 tons to 204,012 tons.
According to market participants, despite the rebound US dollar, due to the sharp decrease in China’s refined nickel output in the first seven months of this year, strong demand for stainless steel, and a new low of LME nickel inventory since last February, the nickel price has continued rising. The short-term nickel price was expected to keep in a stable pattern.
