LME's nickel prices hikes on Jul 31
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Update time : 2024-08-01 18:42:28
The London Metal Exchange (LME) nickel futures price hiked by US$533/ton and closed at US$16,604/ton on July 31. Meanwhile, the nickel spot price also soared by US$538.5/ton to US$16,336/ton. The nickel inventory at LME increased by 96 tons to 105,186 tons.
Federal Reserve Chairman Jerome Powell's statement about a possible rate cut discussion at the September meeting boosted market sentiment. In addition, the US dollar kept weakening, and purchases from downstream buyers were strong. These factors caused a significant rise in nickel prices.
