LME nickel price rises by 2.97%
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Update time : 2021-08-30 18:33:20
The three-month futures price of nickel on the London Metal Exchange (LME) surged by US$239/ton last Friday (August 27), closing at US$19,011/ton. The spot price also hiked greatly by US$246/ton, reaching US$19,039.5/ton. The nickel price rose by US$548 in total in the past week, with an increase of 2.97%.
The current average nickel price of this month is around US$19,118/ton, higher than the US$18,818.5/ton in the previous month.
Meanwhile, LME’s market inventory of nickel continued decreasing, dropping by 1,038 tons to 195,252 tons.
According to market participants, despite the weak transaction in the market, the US dollar dropped after US Federal Reserve (Fed) Chairman Bauer’s dovish talks, which led to a surge in nickel prices. Coupled with the decline in refined nickel stocks, the short-term nickel price was expected to fluctuate in a firm trend.
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