LME nickel price greatly rebounds on Jul 10
The three-month futures price of nickel on the London Metal Exchange (LME) greatly rebounded by US$266/ton last Friday (July 10), closing at US$13,515/ton. The spot price also surged by US$272/ton to US$13,472.5/ton.
Meanwhile, LME’s market inventory of nickel was kept unchanged at 234,672 tons. The cumulative increase in July was 774 tons.
According to market participants, despite decreased stainless steel futures in China, nickel prices rebounded with a significant increase due to good news from vaccine development, which eased concerns on the global economy. The short-term nickel price was expected to fluctuate in a stable trend.
