LME nickel continues rising on bullish macro factors
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Update time : 2021-01-20 19:34:07
The three-month futures price of nickel on the London Metal Exchange (LME) surged by US$159/ton yesterday (January 19), closing at US$18,215/ton, and the spot price also soared by US$151.5/ton to US$18,166/ton.
The average nickel price of this month has reached US$17,753/ton, higher than the US$16,823/ton in December 2020.
Meanwhile, LME’s market inventory of nickel dropped by 210 tons to 249,090 tons. The cumulative increase of this month has reached 2,482 tons so far.
According to market participants, China's GDP grew by 6.5% in the fourth quarter of 2020, and the US treasury secretary Janet Yellen said she will have a big plan of economic stimulus. With bullish macro factors, coupled with a sharp increase in stainless steel prices, nickel prices continued rising. In the short term, nickel prices were expected to move stably.
Production of LME deliverable KAS-branded aluminium at Kazakhstan’s Eurasian Resources Group has reached the four-million-tonnes milestone
