LME nickel price keeps soaring on Dec 9
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Update time : 2020-12-10 17:27:50
The three-month futures price of nickel on the London Metal Exchange (LME) soared by US$305/ton yesterday (December 9), closing at US$16,703/ton, and the spot price also surged by US$304.5/ton to US$16,647/ton.
The average nickel price of this month has reached US$16,248/ton, higher than the US$15,808/ton in the previous month.
Meanwhile, LME’s market inventory of nickel decreased by 66 tons to 243,498 tons. The cumulative increase of this month was 1,836 tons so far.
According to market participants, the global economy has been driven by the development of the COVID-19 vaccine, and the US’ stimulus measures might be helpful to the economy. Coupled with the low inventory of nickel ore in China, the short-term nickel price was expected to move firmly.
