LME nickel price rebounds on Apr 14
The three-month futures price of nickel on the London Metal Exchange (LME) greatly rebounded by US$217/ton yesterday (April 14), closing at US$16,378/ton, and the spot price also surged by US$218/ton to US$16,334.5/ton.
Meanwhile, LME’s market inventory of nickel soared by 5,754 tons to 263,226 tons. The cumulative increase in April has reached 2,982 tons so far.
According to market participants, after the US dollar has weakened for three days and the nickel price dropped, China’s steel mills raised their purchasing, which brought higher trading at the market, and nickel prices went up accordingly. However, due to a sharp increase in nickel inventory, it was expected that the short-tern nickel price will move with slight fluctuations.
