Nickel prices surge to half-month high on Sep 19
Views : 72
Update time : 2024-09-23 14:34:57
The London Metal Exchange (LME) nickel futures price hiked by US$100/ton and closed at US$16,333/ton on September 19. Meanwhile, the nickel spot price also grew by US$116.5/ton to US$16,097/ton. Besides, the nickel inventory at LME increased by 198 tons to 123,924 tons. After continuing to rise yesterday, nickel prices have remained above US$16,000 for four consecutive days, marking a half-month high since September 4.
The US Federal Reserve's interest rate cut continued to influence the market, boosting demand and leading to a weakening US dollar, which drove base metals higher across the board. Nickel prices have seen a continued rise as well. However, with increasing LME nickel inventories and sluggish market demand, prices are expected to face difficulty following a short-term uptick.
