LME nickel prices surge on Jun 14
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Update time : 2021-06-15 21:34:59
The three-month futures price of nickel on the London Metal Exchange (LME) surged by US$253/ton yesterday (June 14), closing at US$18,480/ton. The spot price also increased greatly by US$245.75/ton to US$18,450.25/ton.
The current average nickel price of this month is US$18,095/ton, obviously higher than the US$17,572/ton in the previous month.
Meanwhile, LME’s market inventory of nickel dropped by 510 tons to 240,222 tons. The cumulative decrease in June has reached 7,272 tons so far.
According to market participants, nickel prices were driven by China’s soaring stainless steel futures, steel mills’ high scheduling of production, and optimistic market demand. It was expected that nickel prices may keep firm in the short term.
