LME’s nickel futures price hikes again on May 20
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Update time : 2024-05-22 16:58:38
The London Metal Exchange (LME) nickel futures price soared by US$535/ton and closed at US$21,615/ton on May 20. The accumulated increase in May was US$2,377/ton. Meanwhile, the nickel spot price also hiked by US$509/ton to US$21,339/ton. The nickel inventory at LME increased by 30 tons to 81,834 tons.
Nickel prices continued to rise due to China’s housing stimulus measures and market expectations for interest rate cuts, slow mining approvals in Indonesia, and mining supply disruptions in Australia and New Caledonia.
Market participants said that the fundamentals of the nickel market have not changed, pure nickel inventories remain at high levels, and demand has not improved significantly. Therefore, the short-term market may be a volatile trend.
Japanese aluminium buyers recently agreed to pay premium above $170/t for Q3 shipments
