LME nickel price climbed for 7 consecutive days, reaching 11-year high
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Update time : 2022-02-23 21:43:47
The nickel price on the London Metal Exchange (LME) has risen for seven consecutive trading days. The price closed at US$24,558/ton, and the highest intraday hit US$25,135/ton. The spot price also soared by US$332/ton, reaching US$25,203/ton. The current LME nickel price is standing at a new high since August 2, 2011.
The monthly average nickel price this month reached US$23,784/ton, higher than the US$22,355/ton in the previous month.
Meanwhile, LME’s market inventory of nickel dropped by 960 tons yesterday, coming to 82,314 tons, the new low since 2019.
According to market participants, though the US didn’t impose sanctions against Russia as expected, the market concerns on supply disruptions still exist.
The inventory of nickel has continued dropping while the demand for new energy vehicles has grown, which caused nickel prices to soar. The future market of nickel is still subject to the development of the situation between Russia and Ukraine.
