LME nickel price continues increasing
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Update time : 2020-10-19 17:08:26
The three-month futures price of nickel on the London Metal Exchange (LME) hiked greatly by US$230/ton last Friday (October 16), closing at US$15,652/ton, and the spot price also surged by US$232.75/ton to US$15,608.25/ton.
The average nickel price this month reached US$14,876/ton so far, higher than US$14,825/ton in the previous month.
Meanwhile, LME’s market inventory of nickel increased by 84 tons to 237,390 tons. The cumulative increase of this month was 1,014 tons so far.
According to market participants, nickel prices kept climbing due to a rebound in China’s stainless steel output and the higher market demand.
Due to a tight supply of nickel currently and rising stainless steel futures in China, the nickel price was expected to move strongly in the short term.
