LME nickel price surges again on Jan 7
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Update time : 2021-01-08 18:18:51
The three-month futures price of nickel on the London Metal Exchange (LME) surged by US$336/ton yesterday (January 7), closing at US$18,109/ton, and the spot price also soared by US$337.25/ton to US$18,200/ton.
The average nickel price of this month has reached US$17,688/ton, higher than the US$16,823/ton in the previous month.
Meanwhile, LME’s market inventory of nickel kept increasing by 312 tons to 248,694 tons. The cumulative increase of this year has reached 1,986 tons so far.
According to market participants, nickel prices surged due to a promising demand outlook of the new energy vehicle industry, lower supply of nickel ore in the Philippines caused by the rainy season, and positive demand from China’s stainless steel mills. Therefore, the nickel price was expected to keep firm in a short term.
