LME nickel price supported by declining inventory
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Update time : 2022-06-22 21:56:28
LME nickel futures closed at US$25,949/ton yesterday (June 21), a hike of US$211, which has increased for three consecutive days. The spot price also rose by US$226 to US$25,896/ton.
Meanwhile, LME nickel inventory continued decreasing, down by 120 tons, reaching 68,736 tons. The cumulative decrease this month has totaled 2,982 tons.
According to market participants, the LME-monitored nickel inventory has decreased to a historical low, and China’s stainless steel futures started to rebound, which drove up nickel prices.
However, the demand for nickel is still not so strong in China, so the short-term price trend will be affected by the macro economy.
