LME nickel price rises for 6 consecutive days
The three-month futures price of nickel on the London Metal Exchange (LME) rose by US$28/ton yesterday (July 8), closing at US$13,493/ton, which has hiked for six consecutive days. The spot price also rose by US$28/ton to US$13,445.5/ton.
Meanwhile, LME’s market inventory of nickel increased by 438 tons, reaching 234,654 tons. The cumulative increase in July was 756 tons.
According to market participants, nickel price continued increasing because China’s stainless steel futures rose with narrowed gains, spot prices slightly hiked, and the US dollar index hit a two-week low.
It was expected that the short-term nickel price to be stable as China accelerated its economic recovery.
