Keep rising of Ni LME price
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Update time : 2021-07-19 18:11:25
According LME surged by US$302/ton last Friday (July 16), closing at US$19,070/ton, which have hiked for two consecutive trading days. The spot price also rose greatly by US$293/ton to US$19,057.5/ton.
The current average nickel price of this month is US$18,505/ton, higher than the US$17,981/ton in the previous month.
Meanwhile, LME’s market inventory of nickel continued decreasing, down by 624 tons to 223,248 tons. The cumulative decrease in July has reached 9,228 tons so far.
According to market participants, despite the rebounded US dollar, nickel prices soared due to the sharply increased stainless steel prices in China, market concerns about supply on severer COVID-19 epidemic in Indonesia, and the continuous dropping LME nickel inventory. Therefore, it was expected that the short-term nickel price will keep stable.
Production of LME deliverable KAS-branded aluminium at Kazakhstan’s Eurasian Resources Group has reached the four-million-tonnes milestone
