LME nickel price rebounds on Jun 27 due to recovering economy in China
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Update time : 2022-06-28 21:17:42
LME nickel futures rebounded yesterday (June 27), closing at US$22,882/ton, a hike of US$482. The spot price also rose by US$486.5 to US$22,846/ton.
Meanwhile, LME nickel inventory continued decreasing, down by 360 tons, reaching 66,936 tons. The cumulative decrease this month has totaled 4,782 tons.
According to market participants, there are signs of economic recovery in China, coupled with the dropping LME nickel inventory, so nickel prices rebounded greatly.
However, the demand in China’s stainless steel market is still weak, so it was expected the short-term nickel price will still be subject to macro factors.
The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today
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