LME nickel price increased again on Jul 26
Views : 240
Update time : 2021-07-27 18:33:33
The (LME) surged by US$345/ton yesterday (July 26), closing at US$19,717/ton, which have risen for three consecutive trading days. The spot price also hiked greatly by US$334/ton, reaching US$19,707/ton.
The current average nickel price of this month is US$18,652/ton, obviously higher than the US$17,981/ton in the previous month.
Meanwhile, LME’s market inventory of nickel continued decreasing, down by 264 tons to 219,180 tons. The cumulative decrease in July has reached 13,296 tons so far.
According to market participants, the US dollar weakened, China’s stainless steel prices continued soaring, and both the LME nickel inventory and the global refined nickel inventory decreased meanwhile, which have tightened the supply. Coupled with an increase in the demand for new energy vehicles, nickel prices were supported and rose sharply. In the short run, nickel price was expected to keep firm further.
