LME nickel price rebounds greatly on July 2
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Update time : 2021-07-05 20:22:32
The three-month futures price of nickel on the London Metal Exchange (LME) rebounded greatly by US$237/ton last Friday (July 2), closing at US$18,342/ton. The spot price also soared by US$248.5/ton to US$18,352/ton.
The current average nickel price of this month is US$18,227.75/ton, higher than the US$17,981/ton in the previous month.
Meanwhile, LME’s market inventory of nickel continued dropping, down by 120 tons, reaching 231,378 tons. The cumulative decrease in July has reached 1,098 tons so far.
According to market participants, the rebound in nickel prices was due to higher demand for China’s exports driven by the country’s expected export duties, as well as high scheduling of stainless steel production at China’s mills. It was expected that the nickel price will keep stable in a short term.
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