LME nickel price rebounds on Dec 17
The three-month futures price of nickel on the London Metal Exchange (LME) rebounded by US$106/ton yesterday (December 17), closing at US$17,517/ton, and the spot price also rose by US$106.5/ton to US$17,460/ton. The average nickel price of this month has reached US$16,786/ton, higher than the US$15,808/ton in the previous month.
Meanwhile, LME’s market inventory of nickel decreased by 102 tons to 244,212 tons. The cumulative increase of this month was 2,550 tons so far.
According to market participants, nickel prices rebounded as the US dollar index came to a two-and-a-half-year low, China and the US’ manufacturing industry performed strongly, and inventory at China ports declined. Therefore, the short-term nickel price was expected to be in a fluctuating trend.
