LME nickel price continues climbing, driven by Indonesia’s planned policy
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Update time : 2022-05-27 20:27:41
The LME nickel futures has hiked for two days in a row. The price was up by US$420 yesterday (May 26), closing at US$27,198/ton. The spot price also hiked greatly by US$424, reaching US$27,155/ton.
Meanwhile, LME’s market inventory of nickel slid by 300 tons, coming to 72,300 tons. The decrease in May has amounted to 752 tons.
According to market participants, despite weak stainless steel prices in China, Indonesia’s planned ban on exports of nickel processed below 50% and China’s stimulus policy to drive the demand for new energy vehicles have caused nickel prices to continue to rise. Nickel prices were expected to fluctuate in a short term.
