LME nickel price rebounds on Nov 1, driven by China’s output resumption & decreased stock
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Update time : 2021-11-02 16:56:22
The three-month futures price of nickel on the London Metal Exchange (LME) rebounded greatly by US$254/ton yesterday (November 1), closing at US$19,702/ton. The spot price also rose a lot by US$258/ton, reaching US$19,824/ton.
The increase in nickel futures in October totaled US$1,512, a hike of 8.4%. The average price of nickel in October was US$19,362/ton, compared to US$19,374/ton in September.
LME’s market inventory of nickel has dropped for two days in a row, down by 582 tons yesterday, reaching 142,440 tons. The decrease in October amounted to 14,040 tons.
According to market participants, due to China’s intention to resume production and the continued decreases in nickel inventories, nickel prices rebounded accordingly. In the short term, nickel prices might keep in a stable trend.
