LME nickel prices supported by low inventories
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Update time : 2022-01-27 18:39:17
The nickel price on the London Metal Exchange (LME) surged by US$335/ton yesterday (January 26), closing at US$22,695/ton, and the highest intraday hit US$22,900/ton. The spot price also soared by US$443/ton, reaching US$23,047/ton.
The monthly average nickel price this month reached US$22,277/ton, higher than the US$20,015.5/ton in the previous month.
Meanwhile, LME’s market inventory of nickel dropped by 114 tons yesterday, reaching 92,574 tons. The decrease in January has amounted to 9,312 tons.
According to market participants, as Russia is the main nickel producer, the current tension between Russia and Ukraine and continuous falling nickel inventories caused nickel prices to rebound. Supported by low inventories, nickel prices were expected to keep stable in the near future.
