LME nickel price slightly hikes on Dec 8
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Update time : 2020-12-09 17:43:39
The three-month futures price of nickel on the London Metal Exchange (LME) slightly hiked by US$25/ton yesterday (December 8), closing at US$16,398/ton, and the spot price also rose by US$23.44/ton to US$16,342.5/ton.
The average nickel price of this month has reached US$16,182/ton, higher than the US$15,808/ton in the previous month.
Meanwhile, LME’s market inventory of nickel increased by 156 tons to 243,564 tons. The cumulative increase of this month was 1,902 tons so far.
According to market participants, the growth of nickel prices was supported by the rainy season in the Philippines and a new low of ferronickel inventory in China.
However, nickel prices might be affected by the decreased stainless steel production and demand in China. Therefore, the nickel price was expected to fluctuate in a short term.
