LME nickel price increased for 3 months
Views : 276
Update time : 2021-08-02 17:47:21
The three-month futures price of nickel on the London Metal Exchange (LME) fell by US$283/ton last Friday (July 30), closing at US$19,552/ton. The spot price also dropped by US$286/ton, reaching US$19,547/ton.
LME nickel prices have hiked US$1,338 in total in July, an increase of 7.35%, which was the third monthly increase.
LME’s market inventory of nickel continued decreasing, down by 780 tons to 214,632 tons. The cumulative decrease in July reached 17,844 tons so far.
According to market participants, the US dollar rose back as the inflation in the US became severer, coupled with concerns about the impact of the COVID-19 epidemic on the economy, nickel prices dropped accordingly.
However, due to the continuous decline in inventories and strong demand, the future nickel price was expected to strengthen.
