Nickel prices on Nov 22 climb to two-week high amid tightened supply
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Update time : 2024-11-26 16:35:46
Nickel futures price at the London Metal Exchange (LME) greatly increased by US$256/ton and closed at US$15,970/ton on November 22. At the same time, the nickel spot price also soared by US$261/ton to US$15,737/ton. The nickel inventory at LME reversed to grow by 954 tons to 159,000 tons.
Nickel prices on November 22 reversed their trend and climbed to a nearly two-week high, the highest since November 12. Over the past week, prices rose by US$430, marking a 2.7% increase, while gaining US$252, or 1.6%, since the start of the month.
Despite a stronger US dollar and rising LME nickel inventories, a decline in China's ferronickel imports sparked signs of a rebound in the nickel market. Tightened supply pushed nickel prices higher. However, downstream buyers remained cautious, and market activity was relatively subdued. In the near term, nickel prices are expected to follow a stable yet fluctuating trend.
