LME nickel price soars on Nov 22, moving firmly
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Update time : 2021-11-23 19:46:08
The three-month futures price of nickel on the London Metal Exchange (LME) rebounded greatly by US$292/ton yesterday (November 22), closing at US$20,336/ton, and the highest intraday hit US$20,380/ton. Also, the spot price rose greatly by US$323/ton, reaching US$20,494/ton.
The LME nickel futures price has risen by US$981 in the past three months, hitting a new high since October 20.
The current monthly average nickel price is US$19,733/ton, higher than the US$19,362/ton in the previous month.
Meanwhile, LME’s market inventory of nickel has dropped for 17 days in a row, down by 2,226 tons yesterday, reaching 121,218 tons. The decrease has amounted to 21,804 tons so far this month.
According to market participants, the market demand is positive due to the strong US housing market, and the base metal prices are also raised. Besides, due to Indonesia’s policy, the supply of ferronickel becomes tight, coupled with a big drop in the refined nickel inventory, nickel prices continue to rise. In the short term, nickel prices were expected to keep in a stable upward trend.
