LME nickel price rises on positive outlook
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Update time : 2020-12-02 22:34:07
The three-month futures price of nickel on the London Metal Exchange (LME) surged by US$245/ton yesterday (December 1), closing at US$16,278/ton, and the spot price also soared by US$238.5/ton to US$16,223.5/ton.
Meanwhile, LME’s market inventory of nickel decreased by 1,800 tons to 241,482 tons. The cumulative increase of this month was 2,646 tons so far.
According to market participants, nickel prices climbed due to sharply weakened US dollar, well-performance in manufacturing industries of Europe, Japan, and the UK, as well as optimistic market demand outlook. Therefore, the short-term nickel price was expected to continue moving stably.
