LME nickel price upheld by improved purchasing willingness from downstream buyers
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Update time : 2022-12-16 19:24:08
The LME nickel futures dropped by US$54 yesterday (December 15), closing at US$28,311/ton. The spot price also fell by US$40, reaching US$28,103/ton.
The increase in nickel prices has reached US$1,324, or 4.8%, so far this month, and the price has risen by US$7,554, or 36.4%, since this year.
So far this month, the nickel price has averaged US$28,851/ton, higher than US$25,571/ton in the previous month. The LME nickel inventory continued to increase by 624 tons, coming to 53,958 tons. The inventory has hiked by 1,836 tons since this month.
According to market participants, in spite of China’s expansion of domestic demand, the US dollar has become stronger due to Fed's hawkish stance. Besides, the increase in nickel inventory has weakened nickel prices. However, the falling nickel price could encourage downstream procurement, which would support nickel prices.
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