LME nickel price soars for 2 consecutive days
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Update time : 2020-11-11 17:09:45
The three-month futures price of nickel on the London Metal Exchange (LME) soared again by US$149/ton yesterday (November 10), closing at US$15,903/ton, and the spot price also surged by US$148.25/ton to US$15,858/ton.
The average nickel price of this month has reached US$15,452/ton, higher than the US$15,239/ton in the previous month.
Meanwhile, LME’s market inventory of nickel increased by 462 tons to 239,292 tons. The cumulative increase of this month was 276 tons so far.
According to market participants, nickel prices went higher again due to strong economic recovery in China and increased demand for stainless steel, coupled with a new round of US fiscal stimulus measures, which drove base metal prices to rise. Therefore, the short-term nickel price was expected to move firmly.
