LME nickel price jumps sharply on Aug 17
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Update time : 2020-08-18 16:37:50
The three-month futures price of nickel on the London Metal Exchange (LME) soared by US$233/ton yesterday (August 17), closing at US$14,599/ton. The spot price also surged by US$227.75/ton to US$14,542.5/ton.
The average nickel price so far this month reached US$14,236/ton, higher than US$13,402/ton in the previous month.
Meanwhile, LME’s market inventory of nickel kept flat at 238,638 tons. The cumulative increase in August was 3,396 tons so far.
According to market participants, nickel prices soared due to the weakening US dollar and good outlook of China’s economic recovery, as well as a decrease in nickel ore production in the Philippines from January to June.
