LME nickel price soars on Apr 18, boosted by improving economy in China
Views : 171
Update time : 2023-04-19 17:35:14
The LME nickel futures have risen for seven consecutive trading days, with a total increase of 12.9%. The price soared by US$932 yesterday (April 18), closing at US$25,633/ton. The spot price also rose by US$958, reaching US$25,593/ton.
The current average price of nickel in April is US$23,588/ton, higher than the US$23,289/ton in the previous month.
At the same time, the LME-monitored nickel inventory fell by 24 tons, coming to 41,466 tons. The inventory has decreased by 2,898 tons since this month.
China's GDP grew by 4.5% in the first quarter, better than market expectations. The US dollar index weakened, and the inventory of refined nickel is at a historically low level, driving nickel prices to continue to rise.
Market participants said that the short-term nickel price will fluctuate slightly amid the improving economy in China.
Aluminium prices diverge as LME gains, SHFE declines amid rising inventories
Tariffs on Mexico finalised, SHFE aluminium weakens due to alumina drag
