LME nickel price driven by China’s rising stainless steel futures
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Update time : 2021-09-23 21:57:48
The three-month futures price of nickel on the London Metal Exchange (LME) soared by US$391/ton yesterday (September 22), closing at US$19,221/ton. The spot price also surged by US$397/ton, reaching US$19,235/ton.
The current average nickel price of September is around US$19,600/ton, higher than the US$19,141/ton in the previous month.
Meanwhile, LME’s market inventory of nickel continued decreasing, down by 906 tons to 165,882 tons. The decrease in September has amounted to 28,584 tons so far.
According to market participants, concerns about the Evergrande crisis have slightly eased, China’s stainless steel futures soared, and the nickel inventory kept decreasing, which drive a rebound in nickel prices. The future nickel price was expected to fluctuate in a firm trend.
