Nickel prices rise by 3.3% last week
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Update time : 2023-08-28 18:09:03
International nickel prices experienced a slight decline last Friday (August 25th), with LME nickel futures dropping by nearly US$40 to around US$20,800/ton.
Comments by US Federal Reserve Chair Powell indicated a possible interest rate hike if necessary, leading to a stable and relatively strong US dollar. While a weaker Chinese stainless steel market caused nickel prices to fall slightly, the weekly line ended the three-week down.
Nickel prices reached a new high since August 8th on the 23rd. The overall weekly increase amounted to US$664, marking a 3.3% rise.
The LME-monitored inventory decreased by 72 tons on the 25th to 36,936 tons, a cumulative decrease of 600 tons so far this month.
