LME nickel price rebounds on Aug 21
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Update time : 2020-08-24 16:35:30
The three-month futures price of nickel on the London Metal Exchange (LME) hiked by US$44/ton last Friday (August 21), closing at US$14,691/ton. The spot price also rose by US$48.5/ton to US$14,649/ton.
The average nickel price so far this month reached US$14,354/ton, obviously higher than US$13,402/ton in the previous month.
Meanwhile, LME’s market inventory of nickel dropped 354 tons, reaching 238,954 tons. The cumulative increase in August was 3,708 tons so far.
According to market participants, nickel prices rebounded due to the severe COVID-19 epidemic in Indonesia and the Philippines. Besides, because of the better-than-expected US Purchasing Managers Index (PMI), the short-term nickel price was expected to keep stable.
