LME nickel price rises by 8.7% in Jul
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Update time : 2023-08-01 17:23:04
The LME nickel futures slightly dropped by US$14 yesterday (July 31), closing at US$22,293/ton. The spot price fell by US$3, reaching US$22,076/ton. The nickel price has risen by US$1,777 in July, an increase of 8.7%.
At the same time, the LME-monitored nickel inventory decreased by 6 tons, coming to 37,536 tons. The inventory totally decreased by 1,314 tons in July.
China's State Council said that it will boost the consumption of new energy vehicles and improve housing demand, and China’s stainless steel has stabilized, which supported nickel prices. The short-term nickel price was expected to move with fluctuations.
China’s December aluminium production grows 4.2%, leading to 2024 output to 1 million tonnes shy of the production cap
