LME nickel price rebounds greatly on Dec 4
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Update time : 2020-12-07 16:50:59
The three-month futures price of nickel on the London Metal Exchange (LME) rebounded by US$445/ton last Friday (December 4), closing at US$16,399/ton, and the spot price also surged by US$449/ton to US$16,354.5/ton.
The average nickel price of this month has reached US$16,107/ton, higher than the US$15,808/ton in the previous month.
Meanwhile, LME’s market inventory of nickel increased by 750 tons to 242,562 tons. The cumulative increase of this month was 900 tons so far.
According to market participants, nickel prices soared a lot last Friday due to the continuously weakened US dollar and the US’ restarted stimulus talks driven by the COVID-19 epidemic.
However, the demand for stainless steel in China showed weakness, and the supply chain became tight after the Philippines’ entered the rainy season. Therefore, the short-term nickel price was expected to fluctuate amid a wait-and-see attitude in the market.
