LME nickel prices keep rebounding on Jun 22
Views : 237
Update time : 2021-06-23 17:34:44
The three-month futures price of nickel on the London Metal Exchange (LME) surged by US$294/ton yesterday (June 22), closing at US$17,744/ton. The spot price also soared by US$296.75/ton to US$17,724.5/ton.
The current average nickel price of this month is US$17,856/ton, obviously higher than the US$17,572/ton in the previous month.
Meanwhile, LME’s market inventory of nickel decreased by 264 tons to 237,414 tons. The cumulative decrease in June has reached 10,080 tons so far.
According to market participants, the continued rebound in nickel prices was due to the weakening US dollar, supply shortage in China’s downstream buyers, strong market demand, and decreasing LME nickel inventory. However, the nickel supply will increase gradually after the rainy season in the Philippines ends, and the short-term nickel price was expected to fluctuate.
