LME nickel price surges in first week of Aug
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Update time : 2020-08-10 21:21:33
The futures price of nickel on the London Metal Exchange (LME) dropped by US$98/ton last Friday (August 7), closing at US$14,380/ton. The spot price also slid by US$97.25/ton to US$14,338.75/ton.
The price of nickel has surged for four consecutive days last week, with a total growth of US$594/ton or 4.3%.
Meanwhile, LME’s market inventory of nickel increased by 420 tons, reaching 236,280 tons. The cumulative increase in August was 1,038 tons so far.
According to market participants, nickel prices soared due to the weakening US dollar index and a sharp increase in China’s stainless steel prices.
The future nickel price will be affected by changes in the US dollar and macro factors. However, nickel prices were expected to be supported by increasing demand in China.
