LME nickel price rebounds on Jun 15 due to better industrial performance in China
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Update time : 2022-06-16 21:45:39
LME nickel futures closed at US$25,857/ton yesterday (June 15), a hike of US$598. The spot price also rose by US$601 to US$25,759/ton.
Meanwhile, LME nickel inventory decreased by 504 tons, coming to 69,552 tons. The cumulative decrease this month has totaled 1,566 tons.
The National Bureau of Statistics of China announced yesterday that the added value of the industrial enterprises above the designated size increased by 0.7% in May year on year, compared to the 2.9% decrease in April. The total value added of the industrial enterprises above the designated size was up by 3.3% in the first five months compared to the corresponding period a year ago.
Due to these factors, nickel prices stopped dropping and rebound greatly yesterday. Besides, prices of base metals, such as zinc, aluminum, and tin, also stopped falling and rose back.
