LME nickel price rises for 3 consecutive days
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Update time : 2021-04-29 19:34:39
The three-month futures price of nickel on the London Metal Exchange (LME) soared by US$297/ton yesterday (April 27), closing at US$16,963/ton, and the spot price also greatly hiked by US$301.25/ton to US$16,929/ton.
Meanwhile, LME’s market inventory of nickel dropped by 348 tons to 263,208 tons. The cumulative decrease in April has reached 2,964 tons so far.
According to market participants, nickel prices kept rising as China’s nickel inventory slid, as well as China’s stainless steel futures prices and spot prices continued increasing. Besides, China’s steel mills restocked before the May Day holiday, so it was expected that nickel prices will move stably in the short term.
