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.
