LME nickel risen for 4 consecutive trading days
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Update time : 2022-04-07 20:38:26
The LME nickel futures have risen for four consecutive trading days, which hiked by US$155/ton yesterday (April 6), closing at US$33,467/ton. The spot price also rose by US$163, reaching US$33,469/ton.
The nickel price has hiked by US$1,360 in total this month, an increase of 4.2%. The cumulative increase this year has totaled US$12,710, a growth of 61%.
Meanwhile, LME’s market inventory of nickel rebounded by 978 tons, coming to 73,902 tons. The increase in April has amounted to 1,332 tons.
According to market participants, despite the increase in the inventory of refined nickel, the continuous scansions imposed by Western countries on Russia, China’s rising sales of new energy vehicles in March, and higher stainless steel futures in China have led to a successive increase in nickel prices. The short-term nickel prices were expected to move at high levels.
