LME’s nickel price goes up on Oct 16, nickel price to fluctuate in short term
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Update time : 2023-10-18 14:47:15
On October 16, nickel futures price at the London Metal Exchange (LME) increased by over US$50/ton and closed at US$18,602/ton. Meanwhile, the nickel spot price went up by US$45.5/ton to US$18,329.5/ton.
At the same time, the nickel inventory at LME kept flat at 42,870 tons. The accumulated increase in October was 642 tons.
The US dollar weakened after appreciating for two consecutive days. Also, China’s stainless steel futures increased, and the spot price remained stable, which drove the nickel price rebound. Market participants forecasted that nickel prices would fluctuate in the short term.
