LME nickel price rises back on May 11
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Update time : 2022-05-12 20:20:56
The LME nickel futures rebounded by US$229 yesterday (May 11), closing at US$28,414/ton. The spot price also hiked by US$233, reaching US$28,309/ton.
The nickel price has climbed by US$969 in total this month, an increase of 3%; the spot price has risen by US$962 so far.
The monthly nickel price so far this month averaged US$29,630/ton, lower than the US$33,133/ton in the preceding month.
Meanwhile, LME’s market inventory of nickel fell by 186 tons, coming to 73,122 tons. The increase in May has amounted to 270 tons.
According to market participants, the downstream procurement has increased after the nickel prices dropped. The nickel price rebound was due to support from China’s steel mills on stainless steel prices.
The current overall demand is weak and the need for new energy slows down, so the short-term nickel price was expected to fluctuate in a relatively weak pattern.
