LME nickel price keeps hiking on Sep 1
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Update time : 2020-09-03 22:38:29
The three-month futures price of nickel on the London Metal Exchange (LME) surged by US$167/ton on September 1, closing at US$15,534/ton. The spot price also sharply rose by US$171/ton to US$15,507.5/ton.
The average nickel price in August reached US$14,567/ton, a great increase of US$1,165/ton compared to that in July.
Meanwhile, LME’s market inventory of nickel decreased by 252 tons to 238,722 tons. The cumulative increase in the previous month was 3,732 tons, which have risen for five months in a row.
According to market participants, nickel prices kept growing due to the good performance of US manufacturing data, the increased stainless steel output in China, and better sales of the new energy industry. The short-term nickel price was still expected to remain steady.
