LME nickel price rises for 3 consecutive days
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Update time : 2021-01-07 17:46:26
The three-month futures price of nickel on the London Metal Exchange (LME) hiked by US$91/ton yesterday (January 6), closing at US$17,773/ton, and the spot price also rose by US$91/ton to US$17,719.75/ton. The price has risen for three trading days in a row.
The average nickel price of this month has reached US$17,566/ton, higher than the US$16,823/ton in the previous month.
Meanwhile, LME’s market inventory of nickel increased by 438 tons to 247,944 tons. The cumulative increase in January 2021 has come to 1,674 tons so far.
According to market participants, nickel prices kept rising due to a positive demand forecast and a sharp increase in the sales volume of new energy vehicles. However, China’s steel mills are now taking a wait-and-see attitude of purchasing on surged nickel prices. Therefore, the market must cautious about the possible risk of sharply dropped nickel prices in a short term.
