LME nickel price rises for 5 consecutive days
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Update time : 2020-06-04 22:01:09
The three-month futures price of nickel on the London Metal Exchange (LME) slightly rose by US$14/ton yesterday (June 3rd), closing at US$12,867/ton, which has risen for five consecutive trading days. The spot price also hiked by US$11/ton to US$12,798.5/ton.
Meanwhile, LME’s market inventory of nickel decreased by 6 tons, reaching 232,806 tons. The cumulative decrease in June was 372 tons.
According to market participants, due to China’s positive manufacturing Purchasing Managers' Index (PMI) and a good outlook for demand in the market, nickel prices kept hiking. However, the demand for stainless steel in China was still weak, which caused a slight drop in spot prices of stainless steel, coupled with tense relationship between China and the US, the nickel price was expected to be limited in the short term.
China's A00 Aluminium ingot market initiated the week with a decline of RMB 50/t with stable raw material prices
