LME nickel price keeps rebounding on Jun 16
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Update time : 2020-06-17 20:56:41
The three-month futures price of nickel on the London Metal Exchange (LME) kept rebounding by US$283/ton yesterday (June 16th), closing at US$13,024/ton. The spot price also surged by US$290.75/ton to US$12,964/ton.
Meanwhile, LME’s market inventory of nickel rose by 240 tons, reaching 233,118 tons. The cumulative decrease in June was 60 tons.
According to market participants, nickel prices climbed as the retail sales in the US hit a record high in May. Besides, China’s stainless steel futures stabilized and rose back slightly, which caused the short-term nickel price to go stronger. However, it was needed to observe the macro factors on nickel prices.
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