LME nickel price reaches $19,800/ton level
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Update time : 2021-07-30 17:44:18
The current average nickel price of this month is US$18,783/ton, obviously higher than the US$17,981/ton in the previous month.
The three-month futures price of nickel on the London Metal Exchange (LME) surged by US$292/ton yesterday (July 29), closing at US$19,835/ton, which have risen for two consecutive trading days. The spot price also rose greatly by US$300.25/ton, reaching US$19,833/ton.
Meanwhile, LME’s market inventory of nickel continued decreasing, down by 408 tons to 215,412 tons. The cumulative decrease in July has reached 17,064 tons so far.
According to market participants, the US Senate voted to agree to a US$1 trillion infrastructure bill, leading to a continuous hike in nickel prices. In addition, due to the decrease in nickel stock and strong demand, it was expected the short-term nickel price will keep stable.
