LME’s nickel price goes up on Nov 6
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Update time : 2023-11-07 15:52:27
On November 6, nickel futures price at the London Metal Exchange (LME) hiked by over US$200/ton and closed at US$18,445/ton. Meanwhile, the nickel spot price increased by US$215.5/ton to US$18,200/ton. At the same time, the nickel inventory at LME went down by 924 tons to 40,902 tons.
Although the US dollar became stronger, the nickel inventory at LME kept decreasing. Also, the US announced to expand its imports and protect foreign investment rights and interests. These factors made the nickel price go up again. However, the demand was still weak, so the nickel prices would fluctuate in the short term.
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