LME nickel price surges on Oct 9
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Update time : 2020-10-12 22:52:55
The three-month futures price of nickel on the London Metal Exchange (LME) surged by US$559/ton last Friday (October 9), closing at US$15,221/ton. The spot price also hiked greatly by US$558.5/ton to US$15,181.5/ton.
Meanwhile, LME’s market inventory of nickel slightly decreased by 18 tons to 236,070 tons. The cumulative decrease of this month was 306 tons so far.
According to market participants, nickel prices surged due to the weakening US dollar, the possible resumption of US’ fourth economic stimulus talks, and the soaring stainless steel futures in China.
The short-term nickel price was expected to move stably as China is back to work after the National Day holidays, along with optimistic market demand.
