LME nickel price to keep stable in short term
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Update time : 2020-08-22 17:46:22
The three-month futures price of nickel on the London Metal Exchange (LME) dropped by US$78/ton yesterday (August 20), closing at US$14,647/ton. The spot price also reduced by US$73.75/ton to US$14,601/ton.
The average nickel price so far this month reached US$14,333/ton, obviously higher than US$13,402/ton in the previous month.
Meanwhile, LME’s market inventory of nickel jumped by 720 tons, reaching 239,304 tons. The cumulative increase in August was 4,062 tons so far.
According to market participants, despite a stabilized US dollar, nickel prices dropped due to poor employment data in the US and concerns on slow economic recovery. However, China’s stainless steel prices surged recently, so the short-term nickel price was expected to keep stable unless it was affected by macro factors.
