LME nickel price upheld by low inventory & international situation
Views : 326
Update time : 2022-04-11 17:40:43
The LME nickel futures continued to rise last Friday (April 8). The price hiked by US$157/ton, closing at US$33,855/ton. The spot price also rose by US$167, reaching US$33,867/ton.
The nickel price has climbed by US$1,748 in total this month, an increase of 5.44%. The cumulative increase last week totaled US$632, a growth of 1.9%.
Meanwhile, LME’s market inventory of nickel fell by 498 tons, coming to 73,692 tons. The increase in April has amounted to 1,122 tons.
According to market participants, downstream buyers are taking a wait-and-see attitude with low demand currently due to high nickel prices. However, the low global inventory of refined nickel, rapid-growing new energy field, and sanctions on Russia imposed by Western countries have supported nickel prices.
