LME nickel price keeps surging on positive market demand
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Update time : 2020-11-10 16:44:53
The three-month futures price of nickel on the London Metal Exchange (LME) surged by US$392/ton yesterday (November 9), closing at US$15,754/ton, and the spot price also soared by US$389/ton to US$15,709.75/ton.
The average nickel price of this month has reached US$15,385/ton, higher than the US$15,239/ton in the previous month.
Meanwhile, LME’s market inventory of nickel kept unchanged at 238,830 tons. The cumulative decrease of this month was 186 tons so far.
According to market participants, nickel prices were driven a lot by China's development on new energy vehicles, as well as possible growing demand for batteries used in new energy vehicles, benefited from Biden’s policy. The short-term nickel price was expected to keep stable basically.
