LME nickel rises for 2 consecutive weeks
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Update time : 2021-01-18 17:19:38
The three-month futures price of nickel on the London Metal Exchange (LME) dropped by US$274/ton last Friday (January 15), closing at US$18,007/ton, and the spot price also slid by US$273/ton to US$17,971.25/ton.
The average nickel price of this month has reached US$17,685/ton, higher than the US$16,823/ton in December 2020.
Meanwhile, LME’s market inventory of nickel continued to decrease by 90 tons to 249,306 tons. The cumulative increase of this month has reached 2,598 tons so far.
According to market participants, the growth of nickel prices was limited by US’ retail sales falling for three months in December 2020 and stronger US dollars. However, Biden’s US$1.9 trillion stimulus measure, the good outlook of the new energy vehicles industry, and higher stainless steel prices in China were expected to support the future nickel price.
Production of LME deliverable KAS-branded aluminium at Kazakhstan’s Eurasian Resources Group has reached the four-million-tonnes milestone
