LME nickel price grows for 3 consecutive days
The three-month futures price of nickel on the London Metal Exchange (LME) rose by US$45/ton to US$15,970/ton yesterday (August 14th). The highest in intraday sessions was US$16,090/tons, and the spot price also hiked by US$69/ton to US$15,983/ton. Nickel prices have grown for 3 consecutive trading days.
Meanwhile, LME’s market inventory of nickel rebounded slightly by 276 tons on August 14th, reaching 144,414 tons. The cumulative decrease in August was 786 tons.
According to market participants, the remarkable increase in nickel prices was due to Indonesian ban on nickel ore exports and a severer situation on global economy which might be unfavorable to the trend of basic metals. The future tendency of nickel prices still needed to be observed carefully.
