LME nickel price keeps surging on May 19
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Update time : 2020-05-20 19:53:59
The three-month futures price of nickel on the London Metal Exchange (LME) surged by US$203/ton yesterday (May 19th), closing at US$12,453/ton, and the spot price also rose sharply by US$207.75/ton to US$12,387/ton.
Meanwhile, LME’s market inventory of nickel increased by 330 tons, reaching 233,970 tons. The cumulative increase in May was 2,814 tons.
According to market participants, the short-term nickel price was expected to keep stable due to the weakening US dollar and the support by the Federal Reserve System (Fed) on the economy, as well as better demand in the market and good resumption in industrial work in China, which supported nickel prices.
