LME nickel price rises for 2 consecutive days
The three-month futures price of nickel on the London Metal Exchange (LME) rose by US$119/ton yesterday (December 24), closing at US$16,993/ton, and the spot price also hiked by US$119/ton to US$16,931.5/ton.
The average nickel price of this month has reached US$16,841/ton, higher than the figure in the previous month.
Meanwhile, LME’s market inventory of nickel increased by 336 tons to 246,654 tons. The cumulative increase of this month was 4,992 tons so far.
According to market participants, nickel prices kept rising, affected by macro factors and the Brexit agreement reached by the UK and the EU, although the market is not so strong during the Christmas holiday. Therefore, future nickel prices will fluctuate in a stable wave.
