LME nickel price rebounds on Oct 27
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Update time : 2020-10-28 16:11:01
The three-month futures price of nickel on the London Metal Exchange (LME) rebounded by US$249/ton yesterday (October 27), closing at US$15,906/ton, and the spot price also hiked greatly by US$249.75/ton to US$15,874.25/ton.
The average nickel price this month reached approximately US$15,207/ton so far, higher than US$14,825/ton in the previous month.
Meanwhile, LME’s market inventory of nickel kept flat at 238,152 tons. The cumulative increase of this month was 1,776 tons so far.
According to market participants, nickel prices rebounded due to China’s stable consumption of new energy vehicles and stainless steel in October, as well as a positive outlook of demand for new infrastructure. Therefore, the short-term nickel price was expected to move strongly.
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