LME nickel price maintains upward trend on Oct 19
Views : 291
Update time : 2020-10-21 15:41:56
The three-month futures price of nickel on the London Metal Exchange (LME) rose by US$32/ton yesterday (October 19), closing at US$15,684/ton, and the spot price also hiked by US$26.75/ton to US$15,635/ton.
The average nickel price this month reached US$14,935/ton so far, slightly higher than US$14,825/ton in the previous month.
Meanwhile, LME’s market inventory of nickel decreased by 48 tons to 237,342 tons. The cumulative increase of this month was 966 tons so far.
According to market participants, nickel prices continued rising due to the weak US dollar, a tight supply of nickel, and a positive outlook of market demand due to the increased stainless steel output in Indonesia and China.
Besides, due to the rising stainless steel futures in China, the short-term nickel price was expected to keep strong.
