LME nickel hikes on Jan 18
The three-month futures price of nickel on the London Metal Exchange (LME) hiked by US$49/ton yesterday (January 18), closing at US$18,056/ton, and the spot price also rose by US$43/ton to US$18,014/ton.
The average nickel price of this month has reached US$17,715/ton, higher than the US$16,823/ton in December 2020.
Meanwhile, LME’s market inventory of nickel continued to decrease by 6 tons to 249,300 tons. The cumulative increase of this month has reached 2,592 tons so far.
According to market participants, China's GDP grew by 6.5% in the fourth quarter of 2020, higher than market expectations, coupled with the increased stainless steel prices, driving nickel prices to rebound. In the short term, nickel prices were expected to keep stable.
