LME nickel price surges on Aug 26
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Update time : 2020-08-27 21:18:02
The three-month futures price of nickel on the London Metal Exchange (LME) surged by US$183/ton yesterday (August 26), closing at US$15,159/ton. The spot price also rose sharply by US$186/ton to US$15,124/ton.
The average nickel price so far this month reached US$14,492/ton, greatly higher than US$13,402/ton in the previous month.
Meanwhile, LME’s market inventory of nickel slightly rose by 324 tons to 238,584 tons. The cumulative increase in August was 3,576 tons so far.
According to market participants, nickel prices kept increasing due to the continuous weakening US dollar, an increase in European new energy sales, growth in China’s stainless steel output, and good outlook for market demand. The short-term nickel price was predicted to be in a stable upward trend.
