LME’s nickel futures hike on May 3, market expected to fluctuate in short term
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Update time : 2024-05-07 17:03:14
The London Metal Exchange (LME) nickel futures price soared by US$589/ton and closed at US$19,237/ton on May 3. Meanwhile, the nickel spot price hiked by US$582/ton to US$19,047/ton. The nickel inventory at LME grew by 1,140 tons to 79,920 tons.
As the US job growth slowed more than expected in April and annual wage growth cooled, the probability of the Fed cutting interest rates twice this year increased, and the US dollar index fell to a three-week low. These factors drove the nickel price hike. However, the nickel inventories keep increasing, so the nickel market is expected to fluctuate in the short term.
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