LME nickel price expected to keep stable on basis of rising stainless steel prices in China
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Update time : 2020-11-24 15:37:30
The three-month futures price of nickel on the London Metal Exchange (LME) soared by US$317/ton last Friday (November 20), closing at US$16,151/ton, and the spot price also surged by US$322.5/ton to US$16,115.5/ton.
The average nickel price of this month has reached US$15,682/ton, higher than the US$15,239/ton in the previous month.
Meanwhile, LME’s market inventory of nickel increased by 354 tons to 239,664 tons. The cumulative increase of this month was 648 tons so far.
According to market participants, nickel prices were driven by China’s rebounding stainless steel prices. Coupled with the good demand from the new energy vehicle industry, the future nickel price was expected to keep stable if China’s stainless steel prices can rise further.
