LME nickel prices rebound greatly on Jun 21
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Update time : 2021-06-22 18:25:03
The three-month futures price of nickel on the London Metal Exchange (LME) rebounded greatly by US$296/ton yesterday (June 21), closing at US$17,450/ton. The spot price also increased a lot by US$301.75/ton to US$17,427.75/ton.
The current average nickel price of this month is US$17,865/ton, obviously higher than the US$17,572/ton in the previous month.
Meanwhile, LME’s market inventory of nickel decreased by 732 tons to 237,678 tons. The cumulative decrease in June has reached 9,816 tons so far.
According to market participants, nickel prices rebounded greatly due to the weakening US dollar, high scheduling of production at China’s steel mills, stronger market demand supported by the new energy vehicle industry, and decreased global inventory of refined nickel. It was expected that nickel prices will fluctuate then stabilize in the short term.
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