LME nickel slightly rises on Jan 13
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Update time : 2021-01-14 16:40:21
The three-month futures price of nickel on the London Metal Exchange (LME) slightly rose by US$10/ton yesterday (January 13), closing at US$17,678/ton, and the spot price also hiked by US$12.65/ton to US$17,627/ton.
The average nickel price of this month has reached US$17,580/ton, higher than the US$16,823/ton in December 2020.
Meanwhile, LME’s market inventory of nickel continued to increase by 234 tons to 249,432 tons. The cumulative increase of this month has reached 2,724 tons so far.
According to market participants, the effect of the Philippines’ mining ban on Tumbagan Island in Tawi-Tawi province has weakened due to the stronger US dollar. Both the impact of the COVID-19 epidemic and the weakening demand from China have limited the growth of nickel prices. Therefore, nickel prices were expected to fluctuate in the short term.
Production of LME deliverable KAS-branded aluminium at Kazakhstan’s Eurasian Resources Group has reached the four-million-tonnes milestone
