LME nickel price surges on Aug 24
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Update time : 2020-08-25 18:59:41
The three-month futures price of nickel on the London Metal Exchange (LME) surged by US$235/ton yesterday (August 24), closing at US$14,926/ton. The spot price also sharply rose by US$234/ton to US$14,884/ton.
The average nickel price so far this month reached US$14,387/ton, obviously higher than US$13,402/ton in the previous month.
Meanwhile, LME’s market inventory of nickel kept flat at 238,954 tons. The cumulative increase in August was 3,708 tons so far.
According to market participants, nickel prices kept rising due to a tight supply because of the COVID-19 epidemic in the Philippines. Besides, China’s stainless steel future hiked greatly, which was also a factor to keep the short-term nickel price in a stable condition.
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