Nickel prices rise amid weakening US dollar & reduced Russian exports, but demand remains subdued
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Update time : 2024-11-26 16:37:26
Nickel futures price at the London Metal Exchange (LME) soared by US$233/ton and closed at US$16,203/ton on November 25. At the same time, the nickel spot price also hiked by US$229.5/ton to US$15,966.5/ton. The nickel inventory at LME increased by 48 tons to 159,048 tons.
Following eight consecutive weeks of gains, the US dollar began to weaken, while reports of reduced nickel exports from Russia drove prices higher. However, market analysts highlight that demand for nickel is likely to stay subdued as China's stainless steel sector enters its off-season. As a result, nickel prices are anticipated to exhibit short-term volatility.
