LME nickel price keeps rising due to continuous dropping inventory
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Update time : 2021-06-25 18:46:53
The three-month futures price of nickel on the London Metal Exchange (LME) surged by US$343/ton yesterday (June 24), closing at US$18,408/ton, which has risen for four days in a row. The spot price also soared by US$336.25/ton to US$18,424/ton.
The current average nickel price of this month is US$17,898/ton, obviously higher than the US$17,572/ton in the previous month.
Meanwhile, LME’s market inventory of nickel continued dropping, down by 918 tons yesterday, reaching 234,900 tons. The cumulative decrease in June has reached 12,594 tons so far.
According to market participants, the continuous drop in nickel inventory showed that the market demand is still strong. Coupled with high uses of nickel in the new energy vehicle and high scheduling of stainless steel production at China’s mills, the nickel price kept rising, and it was expected to keep stable in a short term.
