LME nickel price surges on Nov 11, stimulated by China’s eased COVID measures & lower nickel inventory
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Update time : 2022-11-14 18:14:11
The LME nickel futures prices surged by US$976 last Friday (November 11), closing at US$26,025/ton. The spot price also rose greatly by US$1,003, reaching US$26,856/ton.
The increase in LME nickel prices has reached US$5,116, or 23.5%, so far this month, and the price has risen by US$6,168, or 29.7%, since this year.
So far this month, the nickel price has averaged US$24,299/ton, higher than US$22,040/ton in the previous month. The LME nickel inventory continued to drop by 78 tons, coming to 50,304 tons. The inventory has decreased by 1,830 tons since this month.
China has eased a series of COVID measures, including shortening the quarantine period by two days for inbound travelers and close contacts of infected people, US dollar index continued to fall to a three-month new low, and the global pure nickel inventory continued to drop, leading to a surge in nickel prices.
Besides, the increased stainless steel production in China will support the short-term price trend of nickel. However, the current weak demand for stainless steel in China’s market is still a risk of a price pullback.
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