LME nickel price hikes to 3-month high on Jun 2
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Update time : 2021-06-03 16:46:08
The three-month futures price of nickel on the London Metal Exchange (LME) hiked by US$106/ton yesterday (June 2), closing at US$18,236/ton, which has risen for five trading days in a row. The spot price also increased by US$102.75/ton to US$18,203.5/ton.
The current average nickel price of this month is US$18,151/ton, higher than the US$17,572/ton in the previous month.
Meanwhile, LME’s market inventory of nickel dropped sharply by 2,814 tons to 243,630 tons. The cumulative decrease in June has reached 3,864 tons so far.
According to market participants, nickel prices were continuously boosted by the dropping nickel inventory, as well as the high scheduling of stainless steel production and rising stainless steel prices in China. In the short term, nickel prices were expected to keep firm.
Production of LME deliverable KAS-branded aluminium at Kazakhstan’s Eurasian Resources Group has reached the four-million-tonnes milestone
