LME nickel price keeps climbing on Aug 27
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Update time : 2020-08-28 16:18:14
The three-month futures price of nickel on the London Metal Exchange (LME) rose by US$32/ton yesterday (August 27), closing at US$15,191/ton. The spot price also hiked by US$35.5/ton to US$15,159.5/ton.
The average nickel price so far this month reached US$14,527/ton, greatly higher than US$13,402/ton in the previous month.
Meanwhile, LME’s market inventory of nickel slightly increased by 12 tons to 238,830 tons. The cumulative increase in August was 3,588 tons so far.
According to market participants, nickel prices continued rising due to the obvious stainless steel destocking in China and a positive outlook for market demand. The short-term nickel price was expected to keep stable unless it was affected by macro factors.
