LME nickel price rebounds on May 14
Views : 224
Update time : 2021-05-17 16:49:47
The three-month futures price of nickel on the London Metal Exchange (LME) rebounded by US$221/ton last Friday (May 14), closing at US$17,544/ton, and the spot price also rose by US$224/ton to US$17,516/ton.
The current average nickel price of this month has reached US$17,744/ton so far, higher than the US$16,507/ton in April.
Meanwhile, LME’s market inventory of nickel kept unchanged at 256,134 tons. The cumulative decrease in May has reached 5,910 tons so far.
According to market participants, nickel prices rebounded due to the continued weakening US dollar, economic recovery in various countries, improved market demand, rising stainless steel prices in China, and better demand for new energy. In the short term, nickel prices were expected to stabilize with fluctuations.
