LME nickel price jumps to 10-year high on Jan 19
Views : 234
Update time : 2022-01-21 16:16:38
The nickel price on the London Metal Exchange (LME) surged by US$1,081/ton yesterday (January 19), closing at US$23,154/ton, and the highest intraday hit US$23,230/ton.
The current nickel price has hit a new high since August 2011. The monthly average nickel price this month reached US$21,832/ton, higher than the US$20,015.5/ton in the previous month.
Meanwhile, LME’s market inventory of nickel has dropped for 55 days in a row, down by 42 tons yesterday, reaching 94,830 tons. The decrease in January has amounted to 7,056 tons.
According to market participants, the US dollar has weakened, global refined nickel inventories have continued dropping, the demand for electric vehicles has risen significantly, and China’s economy maintains stability, all of which drove nickel prices to soar. The short-term nickel price was expected to keep firm.
