LME nickel price soars on Jul 21
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Update time : 2020-08-05 19:33:02
The three-month futures price of nickel on the London Metal Exchange (LME) soared by US$168/ton yesterday (August 4), closing at US$14,113/ton. The spot price also obviously rose by US$173/ton to US$14,070/ton.
Meanwhile, LME’s market inventory of nickel increased by 6 tons, reaching 235,272 tons. The cumulative increase in August was 30 tons so far.
According to market participants, nickel prices continued rising because the manufacturing industries in Europe, America, and Asia are growing, the expected market demand turned better, and China’s stainless steel prices surged to a new high. Therefore, Taiwan’s stainless steel prices might benefit from the current market condition.
US primary aluminium production shows a 4% monthly rebound in October, but no positive change seen in YTD output
