LME nickel to be upheld by optimistic prospect of demand
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Update time : 2022-04-06 19:33:19
The LME nickel futures price was up by US$67 yesterday (March 5), closing at US$33,312/ton. The spot price also rose by US$75, reaching US$33,306/ton.
The nickel price has risen by US$1,205 in total this month, an increase of 3.8%. The cumulative increase this year has totaled US$12,555, a growth of 60%.
Meanwhile, LME’s market inventory of nickel dropped by 438 tons, coming to 72,924 tons. The increase in April has amounted to 354 tons.
According to market participants, the downstream purchase is weak due to high nickel prices, but the rebound in China’s stainless steel prices has driven nickel prices to rise slightly for two consecutive days. With a good prospect of demand, the short-term nickel price was expected to be supported and fluctuate at high levels.
