LME nickel price down some on Aug 31
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Update time : 2021-09-01 20:27:19
The current average nickel price of August is around US$19,141/ton, higher than the US$18,818.5/ton in the previous month.
The three-month futures price of nickel on the London Metal Exchange (LME) soared by US$536/ton yesterday (August 31), closing at US$19,547/ton. The spot price also hiked greatly by US$550/ton, reaching US$19,589.5/ton.
Meanwhile, LME’s market inventory of nickel continued decreasing, dropping by 768 tons to 194,466 tons. The decrease in August amounted to 2,166 tons.
According to market participants, nickel prices surged due to higher stainless steel prices in China, US Federal Reserve (Fed)’s dovish talks, and a decline in market inventories. Moreover, coupled with optimistic demand for new energy vehicles, the future nickel price was expected to fluctuate in a strong trend.
Production of LME deliverable KAS-branded aluminium at Kazakhstan’s Eurasian Resources Group has reached the four-million-tonnes milestone
