LME nickel futures increase on Jun 20 due to anticipated interest rate cut & increased replenishment activity
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Update time : 2024-06-24 16:21:14
The London Metal Exchange (LME) nickel futures price increased by US$52/ton and closed at US$17,424/ton on June 20. Meanwhile, the nickel spot price also climbed by US$56.5/ton to US$17,163.5/ton. The nickel inventory at LME increased by 834 tons to 90,396 tons.
Recent economic data weakness in the United States has fueled expectations of a September interest rate cut, anticipated to stimulate demand. Concurrently, the sluggish nickel market makes downstream buyers willing to replenish, thereby driving nickel prices upward. However, escalating LME's nickel inventories and ongoing speculation about the US interest rate cut continue to make the nickel trend uncertain. As a result, the market anticipates a period of slight volatility in the short term.
