Nickel prices on Dec 6th rebound amid strong US job data & declining LME inventories
Views : 109
Update time : 2024-12-09 19:16:52
The London Metal Exchange (LME) nickel futures price increased by US$73/ton and closed at US$16,047/ton on December 6th. Meanwhile, the nickel spot price also went up by US$69.5/ton to US$15,824.5/ton. The nickel inventory at LME decreased by 120 tons to 165,264 tons. Nickel prices rebounded on the 6th, rising by US$144 so far this month, reflecting a 0.9% increase. This also matched last week's gain.
Strong US employment data for November has driven market expectations for a 0.25% Fed rate cut. Meanwhile, a reversal in declining LME nickel inventories has supported an uptick in nickel prices. However, with the oversupply situation unchanged, short-term price trends are likely to remain volatile.
