LME nickel price hikes for 3 consecutive weeks
The three-month futures price of nickel on the London Metal Exchange (LME) dropped by US$126/ton last Friday (January 22), closing at US$18,269/ton, and the spot price also slid by US$127/ton to US$18,222.5/ton.
The average nickel price of this month has reached US$17,852/ton, higher than the US$16,823/ton in December 2020.
Meanwhile, LME’s market inventory of nickel slightly decreased by 30 tons to 249,366 tons. The cumulative increase of this month has reached 2,658 tons so far.
According to market participants, the nickel price has surged by nearly US$400 in total in the past four days and then it dropped due to the rebound US dollar and falling stainless steel futures prices in China. The nickel price has increased for three weeks in a row, and it was expected that the short-term nickel price will be in a fluctuated trend.
