LME nickel price surges on May 5
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Update time : 2021-05-06 17:00:24
The futures price of nickel on the London Metal Exchange (LME) surged by US$227/ton yesterday (May 5), closing at US$17,896/ton, and the spot price also greatly hiked by US$219.5/ton to US$17,872.5/ton.
The current average nickel price of this month has reached US$17,758/ton, higher than the US$16,507/ton in the previous month.
Meanwhile, LME’s market inventory of nickel dropped by 768 tons to 261,225 tons. The cumulative increase in May has reached 816 tons so far.
According to market participants, nickel prices rebounded sharply due to the decreasing US dollar, dropping China’s nickel inventory, and destocking of stainless steel in Foshan and Wuxi. In the short run, nickel price was expected to move stably.
