LME nickel price surges on Aug 14
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Update time : 2020-08-17 21:09:45
The three-month futures price of nickel on the London Metal Exchange (LME) surged by US$265/ton last Friday (August 14), closing at US$14,366/ton. The spot price also soared by US$265.5/ton to US$14,314.75/ton.
Meanwhile, LME’s market inventory of nickel sharply increased by 1,410 tons, reaching 238,638 tons. The cumulative increase in August was 3,396 tons so far.
According to market participants, nickel prices soared due to the weakening US dollar, production restriction at nickel mines caused by the COVID-19 epidemic, and the raining season at major mines in the Philippines.
Despite a continuous weak demand in China’s market, the short-term nickel price was expected to go stronger due to increasing stainless steel futures in China.
