LME nickel price soars on Aug 28
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Update time : 2020-08-31 21:16:19
The three-month futures price of nickel on the London Metal Exchange (LME) soared by US$176/ton last Friday (August 28), closing at US$15,336.5/ton. The spot price also surged by US$177/ton to US$15,336.5/ton.
The average nickel price so far this month reached US$14,567/ton, largely higher than US$13,402/ton in July.
Meanwhile, LME’s market inventory of nickel increased by 144 tons to 238,974 tons. The cumulative increase in August was 3,732 tons so far.
According to market participants, nickel prices continued climbing due to the great depreciation of the US dollar and the two-year low in nickel ore stock at China’s ports. The short-term nickel price was still expected to keep stable.
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