LME nickel price rebounds on Mar 11
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Update time : 2021-03-12 22:12:08
The three-month futures price of nickel on the London Metal Exchange (LME) rebounded greatly by US$189/ton yesterday (March 11), closing at US$16,239/ton, and the spot price also hiked by US$190.5/ton to US$16,190.5/ton.
Meanwhile, LME’s market inventory of nickel slightly hiked by 6 tons to 259,662 tons. The cumulative increase in March has reached 8,532 tons so far.
According to market participants, nickel prices bounced back as the US dollar has weakened for three consecutive days, the short-term supply of nickel sulfate is still in short, and the stainless steel consumption has recovered. Therefore, the nickel price was expected to move with slight fluctuation in the short term.
Production of LME deliverable KAS-branded aluminium at Kazakhstan’s Eurasian Resources Group has reached the four-million-tonnes milestone
