LME nickel price stabilizes on recovered demand
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Update time : 2022-04-13 19:51:16
The LME nickel futures slightly hiked by US$5 yesterday (April 12), closing at US$32,488/ton. The spot price slid by US$15, reaching US$32,453/ton.
The nickel price has climbed by US$381 in total this month, and the spot price has risen by US$360 so far.
Meanwhile, LME’s market inventory of nickel fell by 222 tons yesterday, coming to 73,230 tons. The increase in April has amounted to 660 tons.
According to market participants, the current demand is weak due to high nickel prices and China’s epidemic. However, China’s stainless steel futures and the spot market transactions have rebounded, and the nickel inventory remains at a low level during the Russia-Ukraine war, which show a recovered demand and will back nickel prices in a short term.
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