LME nickel price rebounds greatly on Nov 3
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Update time : 2020-11-04 18:53:17
The three-month futures price of nickel on the London Metal Exchange (LME) surged by US$203/ton yesterday (November 3), closing at US$15,363/ton, and the spot price also soared by US$204.95/ton to US$15,328.2/ton.
Meanwhile, LME’s market inventory of nickel decreased by 342 tons, reaching 228,674 tons.
According to market participants, nickel prices were driven a lot by China's policy on developing new energy vehicles and the weaker US dollar before the US presidential election. The short-term nickel price will be subject to macro factors, but the supply side will be more beneficial to nickel prices basically.
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