LME nickel price rebounds on May 18
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Update time : 2020-05-20 09:38:14
The three-month futures price of nickel on the London Metal Exchange (LME) greatly rebounded by US$395/ton yesterday (May 18th), closing at US$12,250/ton, and the spot price also surged by US$394.75/ton to US$12,179.25/ton.
Meanwhile, LME’s market inventory of nickel decreased by 204 tons, reaching 233,640 tons. The cumulative increase in May was 2,484 tons.
According to market participants, the bounce in nickel prices was mainly due to the optimistic prospects of vaccine experiments, the rising prices of China’s houses, and the increased stainless steel prices in China. Therefore, the short-term nickel price was expected to keep stable.
