LME nickel price hikes on Apr 29
The three-month futures price of nickel on the London Metal Exchange (LME) hiked by US$50/ton yesterday (April 28th), settling at US$12,294/ton, and the spot price also rose by US$50.25/ton to US$12,226.5/ton.
Meanwhile, LME’s market inventory of nickel kept unchanged at 231,132 tons yesterday. The cumulative increase in April was 1,320 tons.
According to market participants, the demand for stainless steel in China was still not strong amid the rising nickel prices. It was expected that the nickel price will fluctuate in the short term.
Besides, due to higher nickel prices, Taiwan’s stainless steel mills were predicted to remain or raise their prices for May’s shipment.
