LME nickel price hits 5-month high on Jul 23
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Update time : 2021-07-26 20:09:10
The three-month futures price of nickel on the London Metal Exchange (LME) surged by US$450/ton last Friday (July 23), closing at US$19,372/ton, which have hiked for two consecutive trading days. The spot price also rose greatly by US$458.5/ton to US$19,373/ton.
The current average nickel price of this month is US$18,590/ton, higher than the US$17,981/ton in the previous month.
Meanwhile, LME’s market inventory of nickel continued decreasing, down by 72 tons to 219,444 tons. The cumulative decrease in July has reached 13,032 tons so far.
According to market participants, China’s stainless steel prices hiked a lot and the futures price has even reached a record high. Coupled with Vale and Tesla’s nickel supply agreement and the estimated increase in the demand for new energy vehicles, nickel prices soared accordingly. In the short term, the nickel price was expected to keep steady.
