LME nickel rises on Jun 8 due to improved economic forecast by World Bank
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Update time : 2021-06-10 22:31:09
The three-month futures price of nickel on the London Metal Exchange (LME) rebounded by US$50/ton yesterday (June 8), closing at US$17,942/ton. The spot price also increased by US$49.75/ton to US$17,912.75/ton.
The current average nickel price of this month is US$17,989/ton, higher than the US$17,572/ton in the previous month.
Meanwhile, LME’s market inventory of nickel dropped by 612 tons to 241,392 tons. The cumulative decrease in June has reached 6,012 tons so far.
According to market participants, nickel prices were driven by the World Bank’s adjustment of the global economic growth from 4% to 5.6% for this year. Besides, due to the continuous decrease in market inventories, nickel prices were expected to fluctuate strongly in the short term.
