LME nickel price keeps rebounding on Oct 5
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Update time : 2020-10-06 22:54:04
The three-month futures price of nickel on the London Metal Exchange (LME) surged by US$226/ton yesterday (October 5), closing at US$14,644/ton. The spot price also soared by US$224.5/ton to US$14,604.5/ton.
Meanwhile, LME’s market inventory of nickel slightly decreased by 30 tons to 237,172 tons. The cumulative decrease of this month was 204 tons so far.
According to market participants, the US dollar weakened as US President Trump discharged from hospital after three nights, and the nickel prices kept rising due to market concerns on the continuous epidemic in the Philippines and Indonesia. Because of the coming rainy season in the Philippines, the nickel market was expected to be stable in the future.
